Indian Pharma Firm to Spin off Generics and Ingredients

Glenmark Pharmaceuticals (Mumbai) says it plans to hive off its generic drugs and active pharmaceutical ingredient (API) businesses to create a new, wholly owned subsidiary, Glenmark Generics Ltd. (GGL). Glenmark expects to list the new company on the Indian stock exchanges via an initial public offering (IPO) by the first quarter of the fiscal year ending March 31, 2009. Glenmark Pharmaceuticals specializes in manufacturing branded pharmaceuticals and the discovery of new molecules, as well as making generics and APIs. Glenmark expects the generics and API...

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