(Yicai Global) Sept. 18 -- Shanghai Fosun Pharmaceutical Group Co. [SHA:600196], an arm of Chinese investment company Fosun International Ltd. [HKG:0656], has agreed a revised deal worth USD1.09 billion (CNY7.14 billion) to acquire 74-percent stake in Indian drug company Gland Pharma Ltd. from private equity firm KKR and Co. LP, the conglomerate said in a statement on Sept. 17.The Chinese firm will pay up to USD25 million for contingent consideration on the basis of income from selling key drug product heparin in the US. The closing date for the transaction has been extended to Oct. 3, 2017.

Gland Pharma, founded in 1978 and based in Hyderabad, India, is the country's leading manufacturer of generic drugs for injection. It is the country's first injectable drug maker approved by the US Food and Drug Administration, and has received good manufacturing practices certification in the global regulatory markets.

The firm mainly earns money in the US and Europe and works through joint development and import licenses to provide drugs and their manufacture for major pharmaceutical companies worldwide.