Fosun Pharma Scales Back Purchase Of India's Gland Pharma

Shanghai Fosun Pharma has restructured its acquisition of India's Gland Pharma: Fosun now will acquire a 74% stake in Gland, an injectible generic drugmaker, for $1.1 billion. Last July, the two companies agreed on a $1.3 billion deal for an 86% Gland stake. However, China and India's long-standing Himalayan border dispute, which heated up in the last few months, prevented India from approving the transaction. Because an Indian regulator has jurisdiction over any takeover of 75% or more of an Indian company, the two renegotiated the deal lower to bypass the ministry. The acquisition will now close on October 3.