Fosun knocks on doors of Advent Intl, Baring PE, Bain Capital for Gland Pharma buyout: Report

As per BSE filing, Fosun International has a controlling stake of 57.86 percent in Hyderabad-based Gland Pharma

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Chinese billionaire Guo Guangchang’s Shanghai Fosun Pharmaceutical Group has approached several private equity firms for its stake sale in Gland Pharma, The Economic Times reported on December 13.

Reportedly, Advent International, Baring Private Equity Asia, Bain Capital, Blackstone, Carlyle and KKR are among those who have been approached. It could be one of the largest pharma deals in the country, said ET citing sources.

Moneycontrol could not independently verify the report.

As per BSE filing, Fosun International has a controlling stake of 57.86 percent in Hyderabad-based Gland Pharma, which specializes in injectable drugs.

It had acquired 74 percent stake in Gland Pharma for about $1.1 billion in 2017. The company listed three years later in a Rs 6,480-crore initial public offering. Morgan Stanley has been mandated to find a buyer and discussions are still at a preliminary stage, stated the ET report.

On November 29, Bloomberg reported that Fosun was considering selling its stake in Gland Pharma to shore up its balance sheet.

The company has come under severe financial stress as an impact of the downturn in China’s property sector, with media reports suggesting that the conglomerate is now unable to raise fresh capital.

Meanwhile, Gland Pharma has fallen out of favour with brokerages after its disappointing Q2 results. The company reported a 20 percent year-on-year decline in profit at Rs 241.2 crore for quarter ended September FY23, dented by weak topline as well as operating performance.

Its acquisition of Europe based Cenexi group also failed to excite investors. Cenexi’s profit margins and return ratios are much lower than Gland Pharma’s. Foreign brokerage Nomura said the acquisition was ‘neutral’, with no case of material value accretion/destruction.