Fosun Pharma Offloads 6% Stake in Gland Pharma for Rs 1,754 Crore

Fosun Pharma, a promoter of Gland Pharma, divested a 6% stake for Rs 1,754 crore via an open market transaction. This reduced its shareholding from 57.86% to 51.86%. UBS Principal Capital Asia acquired a 0.5% stake. Gland Pharma shares fell 0.65%, closing at Rs 1,826.60.

Fosun Pharma, one of the key promoters of Gland Pharma, divested a substantial 6 per cent stake amounting to Rs 1,754 crore on Wednesday through an open market transaction.

Chinese pharmaceutical giant Fosun Pharma, operating via its subsidiary Fosun Pharma Industrial Pte, executed the sale through a significant bulk deal on the BSE. Specifically, Fosun Pharma Industrial Pte relinquished 99 lakh shares, representing a 6 per cent stake in the Hyderabad-based Gland Pharma.

The shares were sold at an average price of Rs 1,771.81 each, culminating in a deal valued at Rs 1,754.09 crore. As a result of this transaction, Fosun Pharma's ownership in Gland Pharma has reduced from 57.86 per cent to 51.86 per cent. Meanwhile, UBS Principal Capital Asia acquired 8.25 lakh shares, resulting in a 0.5 per cent ownership in Gland Pharma, at an average purchase price of Rs 1,771.05 per share, translating to a total investment of Rs 146.11 crore. However, other buyers remain undisclosed as Gland Pharma’s shares saw a marginal dip of 0.65 per cent, closing at Rs 1,826.60 on the BSE. Fosun Pharma had originally acquired approximately 74 per cent of Gland Pharma in October 2017, for no more than USD 1.09 billion.