Biotech major Biocon plans to set up a subsidiary company for its research and development this year much against the industry norm of spinning it off as a separate unit.
"Biocon would form a wholly-owned subsidiary company for research and development in this financial year. The company doesn't want to spin off as a separate company because the management feels that R&D is still an integral part of the company," a person close to the development said.
Biocon's R&D team is working on developing products for diabetes, cardiovascular, inflammation, oncology and endocrinology.
The company has four molecules and it would be transferring all of them to the subsidiary company, the source said.
In the last couple of years, Indian pharma companies have split their generic and R&D businesses into two separate companies.
Ranbaxy, Sun Pharma, Wockhardt, Glenmark and Nicholas Piramal have split their generic and R&D into two separate companies.
Link to the article: http://www.hindu.com/thehindu/holnus/006200804271223.htm
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