Glenmark to spin off innovation business into a new company in the USA
India’s Glenmark Pharmaceuticals (BSE: 532296) says that that its board of directors has given an in-principle approval to spin off the innovation business into a new company in the USA. Setting up of the new company will provide an enhanced focus to the innovation business and help accelerate the pipeline towards commercialization.
The new innovation company will be a wholly-owned subsidiary of Glenmark and will have an independent board and a new chief executive. The other members of the management and the team remain unchanged.
According to the plan, all innovative molecules in the pipeline, including preclinical assets and technology; the R&D centers in Switzerland, Paramus in the A and at Navi Mumbai, India related to the innovation business, and the biologics manufacturing facility in Switzerland along with all employees associated with innovative R&D will be part of the new company. The new company will have over 400 employees as part of this business. The specialty and generics business will continue to be housed in the parent company and will not be part of this new company.
Current innovation pipeline
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