Wockhardt to list R&D arm in 2009

Pharmaceutical and biotechnology company Wockhardt, which announced the demerger of its research and development business, will list the new company on the bourses in 2009.

The company's board gave its in-principal approval to the demerger in a meeting on Friday. The board also approved the company's plans to raise $200 million through equity or equity-linked securities for expansion.

"The R&D business has great potential and needs to be a focussed entity for carrying out unrelenting research activities for the future. The R&D restructuring is undertaken to unlock value for all our stakeholders," said Chairman Habil Khorakiwala.