Glenmark Pharmaceuticals to hive off generics biz

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New Delhi, Nov 7 (UNI) Glenmark Pharmaceuticals Ltd today said it was planning to reorganise its generic business into a new company Glenmark Generics.

''We our plan to reorganise our businesses by moving the generics and API businesses into a wholly-owned subsidiary Glenmark Generics Ltd. The new company will handle the development, manufacture and marketing of generic formulation and API businesses,'' Glenmark Pharmaceuticals CEO and MD Glenn Saldanha said.

Glenmark Generics Ltd will be listed on the Indian bourses by Q1 FY 2008-09, a company statement said.

The generics business will inherit Glenmark's Goa plant for formulations, the three API plants in India, our sales units in the US and UK and the Argentina oncology operations. In addition, a group from R&D, focused on API and formulation development, will also move to the generics company, the statement added.

The branded business will remain in the company and retain all remaining assets, branded generic sales groups in the country and overseas and all remaining R&D operations related to NCEs, Biologics and formulation development for brands the statement added.

UN SI SR BD1455

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