July 27, 2016 / 6:45 AM / 4 years ago

China's Fosun to sign agreement for $1.4 billion Gland Pharma buy: paper

Signs are seen on the headquarters of Shanghai Fosun Pharmaceutical Group in Shanghai, China, March 29, 2016. REUTERS/Aly Song

MUMBAI (Reuters) - Shanghai Fosun Pharmaceutical (Group) Co (2196.HK) will sign a definitive agreement on Wednesday to buy a controlling stake in India’s Gland Pharma in a $1.4 billion deal, the Economic Times newspaper reported, citing a source with direct knowledge.

In May, Shanghai Fosun had made a non-binding proposal to buy Gland Pharma, which is backed by KKR & Co (KKR.N), to boost its drug manufacturing and research and development capacity.

Fosun did not immediately comment, when contacted by Reuters. Gland Pharma made no immediate comment on the report. bit.ly/2awbQOe

The paper said KKR declined to comment.

Writing by Devidutta Tripathy; Editing by Sherry Jacob-Phillips

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