Glenmark to Reorganize Businesses

India’s Glenmark Pharmaceuticals is moving its generics business into a new subsidiary.

The new entity, Glenmark Generics, will be listed on the Indian stock exchange the first quarter of fiscal 2008. It will handle the development, manufacture and marketing of generic formulation and active pharmaceutical ingredient (API) businesses.

Glenmark Generics will take over the Goa plant for formulations, the three API plants in India, sales units in the U.S. and UK and the Argentine oncology operations.

Glenmark Pharmaceuticals will retain all remaining assets, branded generic sales groups in India and overseas, and all remaining R&D operations related to new chemical entities, biologics and formulation development for brands, Glenmark said.