Mumbai, India-based pharmaceutical group Wockhardt says it is planning to carve its research and development division into a separate entity, which will be listed and is scheduled ‘go live’ in January next year.

The group says the new firm is being set up to “house the new drug discovery programme and the innovative new technologies being developed by the R&D team”, in order to attract strategic investment and unlock “true value” for stakeholders, explained company chairman Habil Khorakiwala.

Wockhardt is the latest in a long line of Indian drugmakers to splice off its research operations, primarily to take some of the heat off the pharmaceutical businesses and tempt long-term investment in drug development.

Meanwhile, Wockhardt said its board of directors has also agreed in principal to raising equity/equity-linked securities of around $200 million, to help give its domestic and international operations a growth spurt.