Sun Pharma to demerge its ‘I&D wing’
Pharma major Sun Pharmaceutical Industries Ltd is all set to demerge its ‘Innovation and Development’ wing to float a separate company.
"We will float a new company for I and D department as soon we get the clearance from the Centre and shareholders. Shareholders of parent company will be given the same amount of shares in the new company," its Chairman and Managing Director Dilip Shanghvi told reporters here last night.
He said the decision to demerge I and D had been taken in view of the special attention needed for the wing.
"The process and innovation wings cannot treated alike. Innovation wing needs an expertise management as it has to deal with scientists," he said.
He said Sun Pharma was looking for acquisition of more companies in United States to increase its presence there. The company has set apart Rs 2,000 crore for this, he said.
Sun Pharma has sought FDA approval for introducing 30 of its formulations in the US and four or five more would be added to the list before end of this fiscal, he said.
Its US subsidiary Caraco, which had been acquired when its was in doldrums, has now become a profit-making arm and accounted for the 21 per cent of the generic sales in that country, he said.
Sun Pharma’s new plant in Sikkim would be commissioned very shortly, he said.
Sanghvi said Sun Pharma’s international business accounted for 40 per cent of its total revenue, which was expected to reach 50 per cent in two years.
With the Intellectual Property Rights regime coming in being, the Indian pharma industry should involve itself fully on research and development rather than continuing with the manufacturing processes developed by other countries, he said.
"The Indian IT industry’s experience of being the leader in that sphere would be a lesson for the pharma industry," he added.
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