Govt stops Chinese firm Fosun's $1.3 bn bid for Gland Pharma

The government has reportedly stopped a $1.3 billion (over ₹8,300 crore) bid by China's Fosun Pharmaceutical Group to acquire Hyderabad-based Gland Pharma. The Cabinet Committee on Economic Affairs, led by Prime Minister Narendra Modi, cited "genuine concerns" over proprietary technology developed by the Indian company going over to a major Chinese pharmaceutical company.