Gland Pharma

In 1978, P.V.N. Raju founded Gland Pharma in Hyderabad, India, with a focus on contract manufacturing of small-volume liquid parenteral products. The company began as a business-to-business (B2B) operation, manufacturing generic injectable drugs. Over the years, Gland Pharma grew into one of the largest and fastest-growing generic injectables companies, establishing a global footprint across 60 countries. A pivotal moment in the company's journey occurred in 2017 when the Chinese firm Shanghai Fosun Pharmaceutical Group acquired a majority stake of approximately 74% for around $1.09 billion. This acquisition was one of the largest in the Indian pharmaceutical sector by a foreign company and was aimed at expanding Fosun's injectable product portfolio and accelerating its entry into the U.S. market. Following the deal, P.V.N. Raju and his son, Dr. Ravi Penmetsa, remained on the board, ensuring continuity in leadership. Three years later, in November 2020, Gland Pharma launched its Initial Public Offering (IPO) on the Indian stock exchanges. The IPO was valued at approximately ₹6,480 crore, marking another significant milestone. This move provided a successful exit for early investors and further solidified the company's position in the global pharmaceutical landscape, all built on the foundation of manufacturing complex injectable medicines.