China’s big pharma targets India

After acquiring Gland Pharma for $1bn, China-based Fosun Pharmaceutical is reportedly in advanced talks to acquire another Indian company. Fosun is now targeting Symbiotec Pharma, a company focused on steroids, which last year posted revenues of $62m. Symbiotec, subsidiary of private equity Actis (70% of shares) has already drawn interest from Mylan and other PEs such as Baring. The company has potential to easily reach a value of $500m, analysts say.