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Mumbai: Glenmark Pharmaceuticals Ltd plans to spin off its generics business into a new subsidiary and list it through an initial public offer by middle of next year, a senior company official said. The company plans to dilute not more than 30 per cent of the new subsidiary, Glenmark Generics Ltd, Glenn Saldanha, managing director, said at a press conference. The funds raised from the IPO would be used to acquire a marketing firm in the US, build the parent''''s speciality drug business and build a late state research pipeline, he added. The generics business had revenues of $90 million in the financial year to March 2007, while the speciality drug business generated $197 million revenue, he said. Saldanha said in the current financial year, the generics business is expected to double to $180 million and speciality drug would have $306 million revenue.
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