China's Fosun Close to Deal for India's Gland Pharma
2016年7月28日 - 9:10PM
Dow Jones News
HONG KONG—China's Fosun Group is near to buying control of Gland
Pharma Ltd. from shareholders including KKR & Co. in a deal
that values the Indian pharmaceutical company at more than $1.35
billion, according to a person familiar with the situation.
Expected to be announced in the coming days, the deal would be
China's largest takeover of a company in India. The largest Chinese
deal maker in India had been China's top online-shopping company,
Alibaba Group Holding Ltd. Last year, its financial affiliate put
$1 billion into the operator of Indian payment firm Paytm, and an
Alibaba-led group invested in Indian online retailer
Snapdeal.com.
India's multibillion-dollar pharmaceutical industry dominates
the world's generic-drug market. Gland Pharma's generic
injectables—including Heparin, which prevents blood clots following
surgery—are sold primarily in the U.S. market.
Foreign businesses and investors can now buy up to 74% of Indian
drugmakers without government approval, a change announced last
month as one of a series of measures relaxing rules on foreign
investment and further liberalizing India's economy. Foreign
takeovers of pharmaceutical companies had previously required
government approval, which led to long delays.
The Gland Pharma deal will be the first in India by Fosun, one
of China's most acquisitive conglomerates. Chairman Guo Guangchang
told The Wall Street Journal in March that a rapid rise of asset
prices in the U.S. and Europe has Fosun looking for deals in
developing markets, including India.
KKR, the U.S. private-equity firm, is a major investor in Gland,
and the sale of its shares along with those of other existing
shareholders will give Fosun a controlling stake, the person
familiar with the situation said.
Trading in two Fosun units—Shanghai Fosun Pharmaceutical (Group)
Co. Ltd. and Fosun International Ltd.—were halted in Hong Kong
Thursday pending an announcement. India's Economic Times newspaper
first reported Fosun's plan.
Established in 1978 and based in Hyderabad, Gland Pharma
pioneered prefilled, single-use syringes in India and has a
presence in about 90 countries. KKR bought a minority stake for
about $200 million in November 2013, saying the company had a
record of strong financial performance.
Fosun has global interests in property, entertainment, and
insurance. Its portfolio includes French resorts operator Club Mé
diterrané e SA, a stake in Canadian circus troupe Cirque du Soleil
and One Chase Manhattan Plaza, a prime property in lower
Manhattan.
Indian health-care companies have been a popular target for
global acquirers. Two of the country's 10 largest foreign
acquisitions have been of drugmakers: Ranbaxy Laboratories Ltd.,
bought by Japan's Daiichi Sankyo Co. for $5.5 billion in 2008, and
the generics unit of Piramal Healthcare Ltd., bought by Abbott
Laboratories of the U.S. $3.8 billion in 2010.
Shefali Anand Mumbai and Wei Gu in Hong Kong contributed to this
article.
(END) Dow Jones Newswires
July 28, 2016 07:55 ET (11:55 GMT)
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