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India blocks huge Chinese acquisition amid border row – China’s latest business and technology news

summary of the top news in Chinese business and technology for July 31, 2017. Part of the daily SupChina newsletter, a convenient package of China’s business, political, and cultural news delivered to your inbox for free. Subscribe here.
3 months ago
Lucas Niewenhuis

Sources tell Bloomberg that a proposed $1.3 billion takeover of India’s Gland Pharma by China’s Fosun Pharma has been blocked by India’s Cabinet Committee on Economic Affairs. The move is “almost like a sanction,” a commentator told Bloomberg, considering the geopolitical context: a months-long border conflict between the two sides called the “worst in 30 years,” with prominent figures on the Indian side considering the slice of land called Doklam a “significant security challenge” where the country must challenge China.

The pharmaceutical takeover would have been the largest Chinese acquisition of an Indian company if it had gone through. Meanwhile, Chinese drugmakers continue to focus on accessing the world’s largest pharmaceutical market: the United States. China’s Sanpower Group earlier this year bought Valeant Pharmaceuticals International for $820 million, and Humanwell Healthcare “is part of a consortium that agreed in June to buy U.S.-based RiteDose for about $605 million.”

By Lucas Niewenhuis
Lucas Niewenhuis is an associate editor at SupChina who helps curate daily news and produce the company's newsletter, app, and website content. Previously, Lucas researched China-Africa relations at the Social Science Research Council and interned at the Council on Foreign Relations in New York. He has studied Chinese language and culture in Shanghai and Beijing, and is a graduate of the University of Michigan.
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