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Bond Market News
Fosun Said to be Lining Up $3.8bn Sale of India’s Gland Pharma
November 30, 2022
Fosun Pharma is planning a sale of Indian drugmaker Gland Pharma at a market value of $3.8bn after receiving interest from potential suitors, as per Bloomberg sources. Gland Pharma specializes in injectable drugs like antibiotics, oncology and cardiology treatments with a presence in about 60 countries. As per Bloomberg, Fosun Pharma acquired a 74% stake in Gland Pharma for ~$1.1bn in 2017 and listed the company in 2020 in an $873mn IPO. With Fosun Pharma, being a listed arm of the larger group Fosun International, the deal may be seen as one among several asset sale options that the latter is considering given the decline in market value of its listed assets and the strategic need to focus on core businesses to repay its debts.
Fosun’s dollar bonds were trading higher – its 5.05% 2027s were up over 5 points to 51.56 cents on the dollar.
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