Sun Pharma to invest $60-70 mn in research ops

Mumbai-based drug firm Sun Pharma is planning to hive-off its research operations into a separate entity with an overall investment of USD 60-70 million in the next three years.

The new research entity, Sun Pharma Advanced Research Company (SPARC), will invest USD 60-70 million to support research operations over the next three years, Sun Pharma Chairman and Managing Director Dilip Sanghvi said.

Sun Pharma would initially pump in USD 45 million in the new company while the remaining sum would be met through internal accruals of SPARC once it starts generating revenues, a company official said.

Read more at The Economic Times