The debt-laden Chinese conglomerate Fosun controlled by billionaire entrepreneur Guo Guangchang has been looking to sell non-core assets, to shore up its balance sheet. Fosun acquired a 74 percent stake in Gland Pharma for about $1.1 billion in 2017. It bought the stake from US private equity investor KKR. The company went through a successful IPO in November 2020. The Chinese company holds 58% stake in Gland Pharma.
