Troutman Sanders and Khaitan & Co have advised China’s Shanghai Fosun Pharmaceutical Group on its agreement to buy an 86 percent stake in India’s Gland Pharma, represented by Cyril Amarchand Mangaldas and Simpson Thacher & Bartlett for up to $1.3 billion.

This is the largest acquisition of an Indian company from abroad this year. According to Reuters, the acquisition would also underscore a positive outlook for drugmakers in India.

Gland Pharma, based in the southern city of Hyderabad, owns four factories from where it supplies a variety of injectables – widely used medicines administered through vials, syringes, bags and pumps. It is backed by private equity firm KKR, which was also represented by CAM and Simpson Thacher in the transaction. 

The Khaitan team led by partner Niren Patel acted as Indian legal advisors to Fosun and Shanghai Fosun Pharmaceutical.

The CAM team was led by Mumbai-based managing partner Cyril Shroff and Bangalore-based partner Reeba Chacko, and included partners Bharat Budholia and S.R. Patnaik.