Fosun Is Said to Plan Block Deals to Pare Stake in Gland Pharma [BNN Bloomberg (Canada)]
FOSUN INTL LTD UNSP/ADR (FOSUY)
NASDAQ:AMEX Investor Relations:
ir.fosun.com
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Source: BNN Bloomberg
The Chinese company could start the sale by paring a 6% stake in the drugmaker as soon as next week through a block deal, the people said, asking not to be identified discussing confidential information. The listed arm of billionaire Guo Guangchang's Fosun International Ltd. holds about 58% of Gland Pharma, which has a market value 303 billion rupees ($3.6 billion). It will carry out more block sales in the coming months to shore up its balance sheet unless buyout firms make an offer, the people said. Fosun Pharma's high valuation expectations for Gland Pharma have been a hurdle to a potential sale to private equity firms, the people said. A representative for Fosun Pharma declined to comment, while a representative for Gland Pharma didn't respond to requests for comment. Gland Pharma specializes in injectable drugs such as antibiotics, oncology and cardiology treatments and has a presence in about 60 countries, including Australia, Canada, India and the US, according to its
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