Glenmark to spin off innovation business into new firm in US

NEW DELHI: Drug firm Glenmark Pharmaceuticals on Thursday said its board has given an in-principle approval to spin off its innovation business into a new company in the US. Setting up of the new company, which will be the firm's wholly-owned subsidiary, will provide an enhanced focus to the innovation business and help accelerate the pipeline towards commercialisation, Glenmark Pharmaceuticals said.