Troutman Sanders and Simpson Thacher & Bartlett are the leads in a $1.3 billion deal that will see a subsidiary of Chinese conglomerate Fosun International Ltd. acquire a majority stake in Indian drug maker Gland Pharma Ltd.
Shanghai Fosun Pharmaceutical Group Co. is buying 86 percent of Gland Pharma—including a 49 percent stake from the founder family and a 37 percent stake from U.S. buyout firm Kohlberg Kravis Roberts & Co. The deal, the largest acquisition of an Indian company by a Chinese buyer, will see a full exit of KKR. The New York-based private equity firm bought an undisclosed stake in Gland Pharma in 2014 for $200 million. Gland Pharma founder P. V.N. Raju and his family will continue to hold a 10 percent stake in the company.
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