Khaitan & Co advised Fosun International Limited, Shanghai Fosun Pharmaceutical (Group) Co., Ltd and various subsidiaries on the acquisition of 74% stake in Gland Pharma Limited (GPL) from various existing shareholders of GPL including KKR, Promoter family and others through a mix of primary and secondary acquisitions for $1.09bn.

This transaction is the largest acquisition of an Indian company by a Chinese firm.

Niren Patel (partner) led the transaction with Vivek Sriram (principal associate), Vidur Sinha (senior associate), Niharika Mepani (senior associate) and Suditi Surana (associate) and advised on the corporate aspects with assistance from Avaantika Kakkar (partner) and Kirthi Srinivas (senior associate) on the competition law aspects; Atul Pandey (associate partner) and Hirak M (associate) on the regulatory aspects; Vinita Krishnan (associate director) and Raghav Bajaj (senior associate) on the direct tax aspects and Smriti Yadav (counsel) on the intellectual property due diligence aspects.

Fosun International Limited is a Chinese international conglomerate and investment company. Founded in 1992 by Guo Guangchang, the company is headquartered in Shanghai and was incorporated in Hong Kong in 2007.

Shanghai Fosun Pharmaceutical (Group) Co., Ltd was established in 1994, is to have a leading position in China’s medical and health industry groups.

Fosun strategically covers several key aspects of the pharmaceutical and health industry chain, from research and development, pharmaceutical manufacturing, medical diagnostics and medical devices to the pharmaceutical distribution and retail and medical services for the public health contribution.