Chinese billionaire Guo Guangchang’s Shanghai Fosun Pharmaceutical has tapped big buyout funds for Gland Pharmaceutical.

Buyout firms Advent International, Baring Private Equity Asia (now owned by EQT), Bain Capital, Blackstone, Carlyle and KKR are among those who have been approached to buy the Fosun-owned Gland Pharma, in what would be one of the largest pharma deals in the country, said people aware of strategic developments.

Chinese billionaire Guo Guangchang’s Shanghai Fosun Pharma Group is the controlling shareholder of listed generic injectables maker Gland, with 57.86 per cent stake. The buyout will trigger an open offer for an additional 26 per cent of the company.

Hyderabad-based Gland specialises in injectable drugs such as antibiotics, oncology and cardiology treatments and has a presence in about 60 countries, according to its website.

Fosun Pharma acquired a 74 per cent stake in Gland for about $1.1 billion in 2017 from an investor group including KKR & Co. It listed the business three years later in an $873 million initial public offering in Mumbai, according to a Bloomberg report.