The Chinese firm announced the move yesterday following reports it had put in a takeover bid for Gland.
Fosun said it made the offer for the Hyderabad-based pharmaceutical manufacturer on May 9, explaining that: “the non-binding proposal is still in a bidding process on a non-exclusive basis.”
Gland makes injectable drugs, both own-brand medicines and for other firms on a contractual basis. It operates four facilities in India that produce active pharmaceutical ingredients (API) and finished dosage formulations.
The firm is a major supplier of the API heparin to hospitals in india.
Current ownership of Gland is split between its founders and private equity investor Kohlberg Kravis Roberts (KKR), which together hold a 96% stake.
Other investors in the firm have included the family that owns pre-filled syringe manufacturer Vetter according to Gland Founder-Chairman P V N Raju who referred to the firm when KKR invested in 2013.
At the time he said: "We thank the Vetter family of Ravensburg, Germany, who are investors in Gland Pharma, for inspiring Gland Pharma in the niche field of pre-filled syringes."
Gland value
Reuters suggested Gland is worth up to $1.5bn (€1.3bn), however the valuation is unsubstatiated and attributed to "people with direct knowledge of the matter."
The newswire also said Advent International and Baxter International are interested in buying Gland, again citing unnamed sources.
This echoed an Economic Times report last week which suggested Baxter was close to making a deal.
What is known for sure is that KKR paid former investor - Evolvence India Life Sciences Fund - around $200m for its stake in 2013.
Various reports say KKR holds a 40% share in Gland with the founders controlling nearly 60%.