- Gland Pharma, a subsidiary of Fosun Pharma, was listed on the Bombay Stock Exchange and the National Stock Exchange of India
- Release Time: Nov 20, 2020
Shanghai Fosun Pharmaceutical (Group) Co., Ltd., (hereinafter referred to as "Fosun Pharma", Stock Code: 600196.SH; 02196.HK) announced that the shares of its holding subsidiary, Gland Pharma Limited (hereinafter referred to as Gland Pharma, Stock Code: GLAND), were traded on the main boards of the Bombay Stock Exchange and the National Stock Exchange of India respectively at Indian Standard Time 10:00 am on November 20, 2020 (Friday).
For the overseas IPO, Gland Pharma sold a total of 43,196,968 shares. The final price was INR 1,500 (about USD 20.19) per share, and the total funds raised reached INR 64,795.45 million (about USD 872 million). The net proceeds from the Glen Pharma IPO were planned to meet its growing working capital needs, fund its capital expenditures, and achieve general business purposes. Gland Pharma stock opened at INR 1,800 (about USD 24.28), up 20% from its offering price of INR 1,500 (about USD 20.19).
Wu Yifang, Chairman and CEO of Fosun Pharma, said: "Congratulations on the successful listing of Gland Pharma in India! The IPO will provide an independent access to finance for Gland Pharma, allowing it to further optimize its corporate governance and capital structure, maintain and expand its leading edge in the industry, and achieve sustainable development. It will also promote Fosun Pharma's overseas business development".
Founded in 1978 and headquartered in Hyderabad, India, Gland Pharma is a small-molecule generic injectable-focused company with strong capacity for the R&D and manufacturing of injectable products. At present, it mainly provides manufacturing services of generic injectable drugs for large pharmaceutical companies all over the world. Gland Pharma is the first FDA-approved injectable drug manufacturer in India. It also has the ability to register and sell drugs in regulated markets. Its products are mainly sold to the United States and Europe.
About Fosun Pharma
Established in 1994, Shanghai Fosun Pharmaceutical (Group) Co., Ltd., (Stock Code: 600196.SH; 02196.HK) is a leading medical and health care group in China. Based in China and focused on pharmaceutical manufacturing and research, Fosun Pharma has extended its business footprint all over the world. They engage in medical device production, medical diagnosis, medical services, pharmaceutical distribution, and retailing.
Fosun Pharma's core driving force is innovation and research. It keeps improving its drug research system that "combines the strength of original and generic drugs" and develops international research platforms for innovative small-molecule drugs, high-value generic drugs, biologics, cell therapy, etc.
As for its future business plan, under the guidance of its "4IN" strategy (innovation, internationalization, integration, and intelligentization), Fosun Pharma will adhere to the brand concept of "continuous innovation and staying healthy" and strive to be a world-leading company in the global medical and health care market.
For more information, please visit the official website: www.fosunpharma.com