Shanghai Fosun Pharma (Group) Ltd said on Sunday it would spend up to $240 million to acquire up to 96.6 percent of Israel-based Alma Lasers Ltd, a manufacturer of lasers used in cosmetic surgery.

It is the first major buyout deal by Fosun Pharma since it listed on the Hong Kong Stock Exchange last October.

Fosun Pharma, a subsidiary of China's Fosun International Ltd, said it would make the investment together with Pramerica-Fosun China Opportunity Fund, a U.S.-dollar denominated investment fund owned by Fosun Group.

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