Financial Daily from THE HINDU group of publications
Saturday, Feb 04, 2006
Financial Daily from THE HINDU group of publications Saturday, Feb 04, 2006 |
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Corporate
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Restructuring Sun Pharma to discuss R&D unit spin-off Our Bureau
Mumbai , Feb. 3 SUN Pharmaceutical Industries Ltd will take up a proposal to spin off its research and development operations, at its forthcoming board meet on February 9. The company will consider the proposal for demerger of its R&D operations, including new drug delivery systems, into a new company, Sun Pharma told the Bombay Stock Exchange. Only recently, the Chairman and Managing Director, Mr Dilip Shanghvi, told analysts that the company would peg its research spending at over 10 per cent of sales. Giving details on the innovative products in the pipeline, he had said that Sun's new chemical entity has completed Phase I study and the company expected to open the investigative new drug (IND) procedures in the next couple of months. The company was also on track to file IND for two NDDS (new drug delivery systems) in the next few months, most likely one next quarter and one more after that, he had said, without giving details. In December 2004, Sun Pharma had operationalised a new research centre at Baroda, at an investment of Rs 60 crore. The company has a research centre in Mumbai as well. Sun Pharma shares were up 3.99 per cent, at Rs 768.15 on the BSE on Friday.
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