Gland Pharma looked for many partners with the help of private equity partner KKR, but Shanghai’s Fosun Pharma came across as the best fit due to its global presence and size, said Vice Chairman and Managing Director Ravi Penmetsa in an interview to CNBC-TV18 after the Chinese conglomerate announced it will buy 86.1 percent stake in Gland for up to USD 1.26 billion. Penmetsa said Fosun complements the injectables platform created by Gland and provides scope to expand into front-end marketing. Fosun also has biosimilar and biological portfolio which can be brought into the injectables platform that Gland has, he added. Gland will now apply to the government and Penmetsa expects the deal could be completed in a few months. He does not see any regulatory hurdles as the deal fits well with the “Make in India” theme. Sharing his take on the deal, Sanjay Nayar, CEO of KKR India said it is good to see that capital invested by the fund helped Gland Pharma expand its facilities. He refrained from making any specific comments on the valuation of the deal but said valuations in the pharmaceutical space are calming down.
apintus Labs is a global Pharmaceutical enterprise, offers Active Pharmaceutical Ingredients (APIs) and Pharmaceutical Intermediates (PIs) to clients based in various parts of the world.