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Gland Pharma is investing $21 million in its US subsidiary, Gland Pharma USA, which will use the money to buy a 60% stake in Novelstar Pharma.
The plan: the investment will help Gland Pharma expand its US business. Once the deal is completed, Novelstar will be controlled by Gland Pharma USA.
Novelstar was set up in the US on September 30 and has yet to start operations or earn revenue.
Fosun Pharma USA will own the remaining 40%. It belongs to the same Fosun group as Gland Pharma’s promoter.
By the numbers: Gland Pharma’s revenue rose 19.5% to ₹1,800 crore in the June quarter, from ₹1,506 crore a year earlier. The US business helped drive this growth, with revenue climbing 32% to ₹981 crore.
