Bengaluru: China’s Shanghai Fosun Pharmaceutical Group Co Ltd has withdrawn plans to sell stake in Indian drugmaker Gland Pharma Ltd, ET Now tweeted on Wednesday, citing sources.
Fosun Pharma holds a 57.86% stake in the Indian company. Both Fosun Pharma and Gland Pharma did not immediately respond to Reuters’ requests for comment.
Shares of Gland Pharma were up 0.8% at 1,360 rupees as of 9:50 a.m. IST. They have plunged 28% since November end, when Bloomberg News had reported, citing sources that Fosun Pharma was considering a sale of Gland Pharma after receiving interest from potential buyers.
(Reporting by Rama Venkat in Bengaluru; Editing by Rashmi Aich)