Glenmark Pharma to spin off generics unit, list new unit next year
17 Nov 2007
Mumbai: Glenmark Pharmaceuticals Ltd plans to spin off its generics business into a new subsidiary and list it through an initial public offer by middle of next year, a senior company official said.
The company plans to dilute not more than 30 per cent of the new subsidiary, Glenmark Generics Ltd, Glenn Saldanha, managing director, said at a press conference.
The funds raised from the IPO would be used to acquire a marketing firm in the US, build the parent''s speciality drug business and build a late state research pipeline, he added.
The generics business had revenues of $90 million in the financial year to March 2007, while the speciality drug business generated $197 million revenue, he said.
Saldanha said in the current financial year, the generics business is expected to double to $180 million and speciality drug would have $306 million revenue.