Glenmark Pharmaceuticals’ Board of Directors has given an in-principle approval to spin off the innovation business into a new company in the US. For setting up 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 be based in the US. It will have an independent board and a new Chief Executive Officer. The other members of the management and the team remain unchanged. 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.
Glenmark Pharmaceuticals is a global pharmaceutical company. The company is engaged in the development of new chemical entities (NCEs) and new biological entities (NBEs). Its segments are India, United States, Latin America, Europe and Rest of the World (ROW).
