India's Glenmark Pharmaceuticals plans to untie the apron strings by spinning off its generics business. Glenmark Generics, a wholly-owned subsidiary, will handle all the company's copycat drugs and active ingredients from discovery to market, while the mother ship will focus in on branded products. The new company will mount an IPO, but Glenmark Pharma will retain at least a 70 percent interest.
Terance Coughlin, who's now president of the company's active ingredients and U.S. generics unit, will run the new company as CEO. Glenmark Generics will take over the company's four plants in India, as well as sales operations in the U.S., the UK, and Argentina.
- read the report from the Business Standard
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