Fosun to buy Indian drug maker Gland Pharma

The Wall Street Journal reports a unit of China’s Fosun Group has agreed to buy a controlling stake, roughly 86%, in Indian pharmaceutical company Gland Pharma Ltd. from shareholders including KKR & Co. for up to $1.26 billion. The deal is 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.