Fosun accepts lower stake in Indian pharma

Shanghai-based Fosun Pharmaceutical Group will downsize its planned acquisition stake in the Indian generic drugmaker Gland Pharma to 74 percent from the previously announced 86 percent, according to a Fosun Pharmaceutical announcement released on Monday.

The founding shareholders of Gland Pharma said they have proposed maintaining a higher stake in the company as its operations continue to perform well. The revisions of the agreement will not impact Fosun Pharmaceutical's acquisition of a controlling interest in Gland Pharma, according to the founding shareholders.

Fosun Pharmaceutical will pay about $1.09 billion for the acquisition - the biggest takeover by a Chinese firm in India. It is also the biggest acquisition by a Chinese pharmaceutical company in the overseas market.