Shanghai Fosun Pharmaceutical (Group) Co Ltd said on Monday it has made a non-binding proposal for KKR-backed Gland Pharma Ltd, a move that would improve its drug manufacturing and research and development capacity. Gland Pharma founders and KKR, which jointly own about 96 percent of the Hyderabad-based injectable drugs manufacturer, are selling their combined stake, which is valued at between $1 billion and $1.5 billion, people with direct knowledge of the matter told Reuters in April. Global buyout firm Advent International and U.S.-based Baxter International are also among suitors preparing to submit separate bids to buy Gland Pharma, the people said. Shanghai Fosun said the proposal was made through its unit Fosun Industrial Co Ltd. The company gave no further details. The announcement comes after sources said last week that its parent Fosun International was among suitors bidding for ACR Capital Holdings Pte Ltd, the owner of Singapore's biggest reinsurance firm. A successful bid from Fosun for either ACR or Gland would represent the first major deal for the conglomerate since its chairman, Guo Guangchang, went briefly missing late last year.