Hong Kong: Shanghai Fosun Pharmaceutical (Group) Co. Ltd said it would buy French drug distributor Tridem Pharma S.A.S. for €63 million ($73 million), in a move to expand its market share in Europe and Africa.

The Chinese drug maker said in a statement that it will buy shares in Tridem from major shareholders including Financière des Lices, Multicroissance, and a French fund FCPR PMC II.

Tridem has a sales network covering 21 French-speaking African countries and regions.

This month, Fosun Pharma bought 74% of India’s Gland Pharma for around $1.1 billion. Reuters

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