Fosun Pharma acquires 74 per cent in India’s Gland Pharma at a valuation for $1.09 billion. The residual stake will remain with the founder’s (Penmetsa) family.
Gland Pharma’ promoters Ravi Penmetsa and his father P V N Raju will continue on the board of the company. Ravi Penmetsa would remain managing director.
The present management team will be incharge of the day to day running of the company.