Fosun International Considering USD 500 Million IPO of Gland Pharma: Report

A unit of Chinese conglomerate Fosun International Ltd is mulling an initial public offering (IPO) of Hyderabad-based Gland Pharma, Bloomberg reported. The share sale could raise about USD 500 million, the report said. Shanghai Fosun Pharmaceutical Group Co, is in initial talks with potential advisers for the IPO. Deliberations are in the early stage and the listing is unlikely to take place before next year. Fosun International is backed by Chinese billionaire Guo Guangchang. Its unit, Fosun Pharma, bought a 74 percent stake in Gland Pharma for USD 1.1 billion last year. The conglomerate recently received approval from the Hong Kong Stock Exchange to spin off its tourism and hotels unit, which includes Club Med SAS. Funds raised from first-time share sales in India have risen 41 percent this year to USD 4.3 billion, according to Bloomberg data. Gland Pharma, which was formed in 1978, specializes in injectable drugs such as antibiotics, oncology and cardiology treatments. – Money Control