Pharma

Wockhardt hiving off R&D business

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Drug maker Wockhardt has announced it will spin off its R&D business and list the new company on stock exchange on January 1, 2009. The company thus has followed similar moves by other pharma companies, who have hived off their research and development units. “The R&D business has great potential and needs to be a focused entity for carrying out unrelenting research activities for the future. At Wockhardt, we recognise this fundamental need and are restructuring our R&D business to unlock true value for all our stakeholders. This will ease the company to invite strategic investors interested in the R&D Business,” said Wockhardt’s chairman Habil Khorakiwala. “Many pharma companies have demerged their R&D business and this has created a benchmark for the industry,” said Angel Broking vice-president for research Sarabjit Kour Nangra. “Equity markets have given a good valuation to Sun Pharma’s SPARC, and this has encouraged other companies like Nicholas Piramal and now Wockhardt, to do the same.” Wockhardt has two new chemical entities (NCE) under clinical development. The company is developing an antibiotic drug targeted at diverse staphylococcal infections like MRSA (Methicillin-Resistant Staphylococcus Aureus)

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