Ahmedabad, Jan 19: Pharmaceutical major 'Wockhardt' has considered in principle to demerge its Research and Development business into a separate entity.
The new company will house the new drug discovery programme and the innovative technologies developed by the R and D team. The company will be a listed company and it is scheduled to come into effect from January 1, 2009. Wockhardt chairman Habil Khorakiwala informed, ''The R and D business has a great potential and needs to be a focused entity for carrying out unrelenting research activities for the future.
At Wockhardt, we recognise this fundamental need and are re-structuring our R and D business to unlock true value for all our stakeholders. This will ease the company to invite strategic investors interested in R and D Business.'' Wockhardt's board of directors have given their nod to raise Equity and Equity-linked securities to the tune of USD 200 million to expand the domestic and international operations.
Wockhardt Limited is a technology-driven pharmaceutical and biotechnology company with an active multi-disciplinary research programme employing over 500 scientists. Its current R and D locations are spread in Aurangabad, Mumbai, Negma Laboratories - France, Morton Grove Pharmaceuticals, USA, Wockhardt - UK and Pinewood in Ireland.