Blackstone, two others eye 51% in Gland Pharma

Global private equity firms Blackstone, Brookfield and Warburg Pincus are in talks to acquire a majority stake in Hyderabad-based Gland Pharma Ltd from China's Shanghai Fosun Pharmaceutical Co. Ltd in a deal expected to value the firm at nearly $3 billion, three people with knowledge of the development said.

- Sneha Shah

Fosun, which retains about a 51% share in Gland Pharma nearly eight years after it acquired a 74% stake in it for $1.2 billion, is looking to sell its remaining ownership in the company. Fosun has appointed investment banks Morgan Stanley and UBS to help it with the sale process, these people said. "The buyers are currently in talks and binding bids are likely to come next month," one of them said.

Gland Pharma currently commands a market capitalization of about ₹23,901 crore, or $2.8 billion, on NSE.