Gland says not heard from its promoter Fosun about the potential sale

Gland Pharma, promoted by Shanghai Fosun Pharmaceutical (Group) on Tuesday said it is not aware of any such information that its Chinese promoter is considering sale of shares of the company.

“The company is not in receipt of any communication in this regard from its

Promoter(s) and is unable to comment on the same,” Gland Pharma said in a clarification to stock exchanges.

Bloomberg on Tuesday reported that Fosun Pharma is considering a sale of Indian drugmaker Gland Pharma after receiving interest from potential buyers, citing people familiar with the matter.

Shares of Gland Pharma rose 7.71% to close at Rs 1879 on BSE on Tuesday based on the, while the benchmark Sensex gained 0.28% to end at 62,681.84 points.

The debt-laden Chinese conglomerate Fosun controlled by billionaire entrepreneur Guo Guangchang has been looking to sell non-core assets, to shore up its balance sheet.

Fosun acquired a 74 percent stake in Gland Pharma for about $1.1 billion in 2017. It bought the stake from US private equity investor KKR.

The company went through a successful IPO in November 2020. The Chinese company holds 58% stake in Gland Pharma.

Gland Pharma reported revenues of Rs 3463 and a net profit of Rs 997 crore in FY21.

Gland specializes in injectable drugs such as antibiotics, oncology and cardiology treatments and has a presence in about 60 countries.

(With inputs from health)