India, Feb. 15 -- Glenmark Pharmaceuticals has announced that its Board of Directors has given an in-principle approval to spin off the innovation business into a new company in the US.

Setting up of the new company will provide an enhanced focus to the innovation business and help accelerate the pipeline towards commercialization.

The new innovation company will be a wholly-owned subsidiary of Glenmark and will be based in the US. It will have an independent board and a new Chief Executive Officer. The other members of the management and the team remain unchanged.

According to the plan, all innovative molecules in the pipeline, including preclinical assets and technology; the R&D centres in Switzerland, R&D centre at Paramus in the US...