BackDeals Buzz: Fosun to buy Gland Pharma for $1.3 billion
In other news, Lupin in talks with Japanese firms to buy their off-patent drug brands; Apollo Global invests Rs400 crore in Noida-based Logix Group
Premium
Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
China’s Fosun to buy Gland Pharma for $1.3 billion
Shanghai Fosun Pharmaceutical (Group) Co. Ltd, the Hong Kong-listed company controlled by billionaire Guo Guangchang, will acquire 96% stake in India’s Gland Pharma Ltd for $1.3-1.5 billion ( ₹ 8,700-10,000 crore), reported Mint.
The Hyderabad-based Gland Pharma is backed by global private equity firm KKR & Co. The deal is likely to be announced in a day. Established in 1978, Gland Pharma develops and manufactures generic injectables, primarily for the US market. It also sells its products in India and other semi-regulated markets. Its manufacturing facilities are approved by the US and UK drug regulators. Read more.
In May, Mint reported that Fosun had entered the fray to acquire Gland Pharma
Lupin in talks with Japan’s Astellas, Shionogi to buy their off-patent drug brands
Lupin, India’s third-largest drug maker, is in talks with Japan’s Astellas and Shionogi to buy the off-patent medicine brands they have separately put on the block, reported The Economic Times. The basket of drugs that Astellas and Shionogi are divesting could fetch each company about $100 million.
For Lupin, the acquisition will result in a wider offering in the Japanese market where its sales last fiscal stood at ₹ 1,364 crore, or 10% of its global revenue. Japan’s drug market is seeing a consolidation at the top and a decline in the share of smaller players. If Lupin is successful in any of the two bids, it will mark the Indian drug maker’s third acquisition in the Japanese market. Read more.
Apollo Global invests Rs400 crore in Noida-based Logix Group
Global alternative asset manager Apollo Global Management Llc has invested ₹ 400 crore in Noida-based developer Logix Group through the structured debt route, in the New York-based investor’s first real estate transaction in India. The money will be used for last-mile funding to complete the construction of four ongoing residential developments and a commercial office project in Noida, near Delhi.
The investment has been made from the new Asia fund that Apollo Global is currently raising to deploy capital in India, China and South-East Asia. Apollo took over Citi Property Investors, the real estate investment division of Citigroup Inc., in November 2010, resulting in the acquisition of the latter’s real estate assets in India. In May 2015, Apollo Global appointed Nipun Sahni, former managing director, real estate private equity at Merrill Lynch, to head real estate investments in the country. Read more.
Sterlite Power, IRB Infrastructure inch closer to InvIT launches
IRB Infrastructure Developers Ltd and Sterlite Power Grid are gearing up to list their Infrastructure Investment Trusts (InvITs), and one of them will be the first in India to do so, reported Mint. Toll road developer IRB is looking to file its so-called draft red herring prospectus for its InvIT around the middle of August.
Power transmission line developer Sterlite Power Grid is looking to file its draft prospectus by the end of August or early September. Sterlite is looking to raise between ₹ 2,000 crore and ₹ 2,500 crore through the public offering of its InvIT.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
