Generic drugmaker Glenmark Pharmaceuticals plans to spin off its innovation business into a new company in the U.S. which will offer branded drugs.
The Mumbai-based drugmaker hopes that being in the U.S. will help attract talent and give them a leg up on building strategic partnerships. Their innovative pipeline includes products focussed on the immunology, oncology and pain management segments.
The new branded drug company will be based in Paramus, New Jersey. It will have an independent board, CEO and 400 employees that will come from Glenmark’s various R&D facilities and biologics plant.
The company says the transfer of assets and employees to the new innovation company should be completed in six to nine months.
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