“Shanghai Fosun Pharmaceutical (Group) Co. Ltd, the Hong Kong-listed company controlled by billionaire Guo Guangchang, will acquire India’s Gland Pharma Ltd for $1.3 billion (Rs 8,700 crore), the company announced on Thursday. According to the agreement, Fosun will acquire an approximate 86% stake in Gland, including the 36% stake held by existing private equity firm KKR & Co,” reported Mint.
Fosun was represented by Khaitan & Co partner Niren Patel, principal associate Vivek Sriram, senior associate Vidur Sinha and associate Niharika Mepani. They were also assisted by associates Pooja Radia and Shriyani Datta on corporate due diligence; associate director Vinita Krishnan senior associate and Raghav Bajaj on direct tax aspects; and counsel Smriti Yadav and associate Jahnvi Shah on intellectual property due diligence.
Fosun drafted in Troutman Sanders LLP (Shanghai) partner Chengfei Ding on non-Indian law aspects of the deal.
Gland Pharma and KKR instructed Cyril Amarchand Mangaldas Bangalore partner Reeba Chacko, and relied on Simpson Thacher & Bartlett (Hong Kong) as foreign counsel with partner Kathryn K Sudol, counsel Ian Ho and partner Shannon M Itoyama.
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