Shanghai Fosun Pharmaceutical Group reduced the size of the stake it will buy in India’s Gland Pharma to 74 percent, according to a Reuters article. Gland Pharma’s founding family reportedly wanted to retain a higher stake in the firm because it had good performance.
Fosun had been seeking an 86 percent stake valued at about $1.26 billion. But the company said in a statement to the stock exchange that the board had approved the new plan, which would involve investment of no more than $1.09 billion.
Read the Reuters story