New Delhi, March 18 (pti): Mumbai-based drug firm Sun Pharma is planning to hive off its research operations into a separate entity called Sun Pharma Advanced Research Company (Sparc). The new unit will invest $60-70 million on research operations over the next three years, Sun Pharma chairman and managing director Dilip Sanghvi said.

Sun Pharma would initially pump in $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.

The company is awaiting regulatory approvals to demerge research operations and the existing shareholders of Sun Pharma would get a split issue in the new entity.

Sparc is working on four new chemical entities (nce) and products based on four novel drug delivery systems (ndds). The research firm is working on developing various products.