China's Fosun drops plan to sell stake in drugmaker Gland Pharma: Report

Fosun Pharma holds a 57.86% stake in the Indian company

Gland Pharma

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BENGALURU (Reuters) - China's Shanghai Fosun Pharmaceutical Group Co Ltd has withdrawn plans to sell stake in Indian drugmaker Gland Pharma Ltd, ET Now tweeted on Wednesday, citing sources.

Fosun Pharma holds a 57.86% stake in the Indian company. Both Fosun Pharma and Gland Pharma did not immediately respond to Reuters' requests for comment.

Shares of Gland Pharma were up 0.8% at 1,360 rupees as of 9:50 a.m. IST. They have plunged 28% since November end, when Bloomberg News had reported, citing sources that Fosun Pharma was considering a sale of Gland Pharma after receiving interest from potential buyers.


(Reporting by Rama Venkat in Bengaluru; Editing by Rashmi Aich)

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Apr 26 2023 | 1:55 PM IST

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