Billionaire Guo Guangchang’s Shanghai Fosun Pharmaceutical Group Ltd is considering selling Indian drugmaker Gland Pharma Ltd after receiving interest from potential buyers, people familiar with the matter said.

Fosun Pharma, the listed unit of Chinese conglomerate Fosun International Ltd, is working with an adviser to assess interest in its controlling stake in Gland informally, people familiar with the matter said. The people said that industry players and buyout firms are in the early stages of researching the business.

Shares of Mumbai-based Gland rose 5.7% after the Bloomberg News report, their biggest intraday gain in nearly a month. It’s down 53% this year, giving the company a market value of $3.6 billion. Shares of Fosun Pharma rose 5.4% in Hong Kong.

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

The sale will help Gland’s Chinese owners raise cash as the former acquirer group seeks to shore up its balance sheet. Fosun International has been exploring options for several assets, including French resort operator Club Med and some domestic catering businesses, Bloomberg reported.

In a difficult financing environment, the people said that Fosun Pharma’s exorbitant valuation expectations could hold back any potential deal. The people said it has yet to initiate a formal sale process, and it is uncertain whether the deliberations will lead to an agreement.

Fosun Pharma bought a 74% stake in Gland in 2017 for about $1.1 billion from investment groups, including KKR & Co, according to data compiled by Bloomberg. Three years later, Fosun Pharma listed the business in an $873 million initial public offering in Mumbai.