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News

News
Fosun Pharma to acquire Gland Pharma
2016-07-29
Gland Pharma, an Indian pure-play generic injectable pharmaceutical products company, has signed a definitive agreement under which Shanghai Fosun Pharmaceutical Group, a Chinese healthcare provider, will acquire an approximate 86% stake in Gland for up to $1.26 billion.

Based on the agreement, Fosun Pharma will purchase all shares of Gland owned by KKR Floorline Investments in addition to shares purchased from other shareholders of the company. P.V.N. Raju, Founder of Gland, and his son, Dr. Ravi Penmetsa, will continue to be on the board, and Dr. Penmetsa will continue as Managing Director and CEO. The family will retain a stake in Gland.

Dr. Penmetsa said, “This transaction truly demonstrates the strong expertise of our people and the potential for Indian companies to improve health care in markets worldwide. We look forward to continuing our work to research, develop and provide medical products from India and continue to add capacity at our facilities.”

KKR invested in Gland in 2014. Since then, the company has seen its capacity and profit grow significantly. This was achieved, in part, by Gland’s investment into a new manufacturing plant, significant optimization of existing facilities, enhanced R&D spend and focus, and Gland’s ability to file for and own further intellectual property.

“We have benefited from the experience of KKR, which brought the skills and expertise that enabled Gland to grow and develop as a multinational leader in health care. We achieved improved performance and look forward to building upon that foundation,” Dr. Penmetsa added.

Following the close of the transaction, Gland will remain headquartered in Hyderabad.

“With a track record of achieving greater scale, innovating world-class products and operating to global best practices, KKR takes pride in its relationship with Gland and in The Company’s support of the ‘Make in India’ campaign. We are confident Fosun Pharma will experience continued success as it invests and supports Gland’s next stage of growth,” said Joseph Y. Bae, member of KKR and managing partner of KKR Asia.

Fosun Pharma is a researcher, developer, producer and retailer of biopharmaceutical products worldwide.

Chen Qiyu, chairman of Fosun Pharma, said, “We’re pleased to incorporate Gland into the Fosun Pharma family. Gland’s management team, along with support from KKR, has done a tremendous job in growing its business to become the global leader in the generics injectables industry. The deal will greatly strengthen Fosun Pharma’s global presence and accelerate our speed of internationalization. It will enable us to provide more high-quality products and services to our patients worldwide.”