Chinese-owned Gland Pharma re-appoints Srinivas Sadu as MD & CEO
Gland Pharma, owned by Shanghai Fosun Pharmaceutical (Group) said it has re-appointed Srinivas Sadu as managing director and CEO of the company for a period of 5 years, with effect from April 25. The company also nominated Yao Fang as additional director on the board. Fang has been serving as co-chairman of the Board and executive director in Shanghai Fosun Pharmaceutical (Group) Co since June 8, 2016.
Fang will be replacing Dongming Li, who is co-president at Shanghai Fosun Pharmaceutical. Shanghai Fosun Pharmaceutical (Group) 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. Gland Pharma reported revenues of Rs 3463 and a net profit of Rs 997 crore in FY21. Shares of Gland Pharma rose 1.89% to close at Rs 3360 on BSE.