October 30, 2017 / 1:02 AM / 2 years ago

Fosun Pharma to buy France's Tridem for $73 million

A company logo is pictured at the headquarters of Shanghai Fosun Pharma Group in Shanghai, China September 13, 2016. REUTERS/Aly Song

HONG KONG (Reuters) - Shanghai Fosun Pharmaceutical (Group) Co Ltd (600196.SS) (2196.HK) said it would buy French drug distributor Tridem Pharma S.A.S. for 63 million euros ($73 million), in a move to expand its market share in Europe and Africa.

The Chinese drug maker said in a statement that it will buy shares in Tridem from major shareholders including Financière des Lices, Multicroissance, and a French fund FCPR PMC II.

Tridem has a sales network covering 21 French-speaking African countries and regions.

This month, Fosun Pharma bought 74 percent of India’s Gland Pharma for around $1.1 billion.

Reporting by Donny Kwok; Editing by Edwina Gibbs

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