Nicholas Piramal to Spin Off R&D Unit

Pharmaceutical company Nicholas Piramal India Ltd. (NPIL; Mumbai) says it plans to demerge its R&D unit, creating a separate, independent company focused on developing novel drugs, otherwise known as new chemical entities (NCE). The demerger will be in the form of a spin-off to shareholders. NPIL will have an 18% stake in the new company, and NPIL’s shareholders will hold the rest. A proposal for the demerger has been approved by the NPIL board, and awaits regulatory and other approvals. NPIL will transfer net assets worth about $24 million to the new...

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