News Snapshot:
Gland Pharma, which is majority owned by China’s Shanghai Fosun Pharmaceutical (Fosun Pharma), has received a crucial nod from market regulator Sebi to launch an initial public offering (IPO) to raise up to Rs 6,000 crore, people familiar with the matter told Moneycontrol. If the listing plans of the Hyderabad-based injectable drug maker fructify, it would mark the first major IPO by an Indian company that has a Chinese parent. The nod from the Securities and Exchange Board of India (Sebi) comes amid a buoyant phase of valuations in the pharma sector and frosty diplomatic ties between India and China...
