Chinese investment group Fosun says it has revised an offer for Indian pharmaceutical company Gland Pharma after regulators in India held up the $1.1bn deal during a time of political discord between the two countries.
Fosun Pharma said in a regulatory filing that it would lower the stake it planned to take in the company from 86 to 74 per cent, below the threshold needed for certain regulatory approval in India.
The founders of the company will retain a higher stake in Gland but Fosun will still take control over the group, which produces anti-coagulants, anaesthetics and other injectable medicines, mainly for export to the US.
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