NOVELTY - Saroglitazar free acid of (S)-2-ethoxy-3-(4-(2-(2-methyl-5-(4-methylsulfanyl-phenyl)-pyrrol-1-yl)-ethoxy)-phenyl)-propionic acid (IA) is new.    USE - The saroglitazar free acid of (S)-2-ethoxy-3-(4-(2-(2-methyl-5-(4-methylsulfanyl-phenyl)-pyrrol-1-yl)-ethoxy)-phenyl)-propionic acid (IA) is useful in a pharmaceutical composition (claimed) for the treatment and/or prophylaxis of obesity, hyperlipidemia, hypercholesteremia, hypertension, atherosclerotic disease events, vascular restenosis, diabetes and other related conditions and preventing or reducing the risk of developing atherosclerosis, arteriosclerotic cardiovascular diseases, stroke, coronary heart diseases, cerebrovascular diseases, peripheral vessel diseases and related disorders. No biological data given.    ADVANTAGE - The saroglitazar free acid of (IA) has a chiral purity of at least 98% by area percentage of high performance liquid chromatography, and good bioavailability, stability, solubility, storage, and compressibility, and is less hazardous and efficient and economical to prepare.    DETAILED DESCRIPTION - Saroglitazar free acid of (S)-2-ethoxy-3-(4-(2-(2-methyl-5-(4-methylsulfanyl-phenyl)-pyrrol-1-yl)-ethoxy)-phenyl)-propionic acid of formula (IA) or its salt, solvate, ester, stereoisomer, tautomer, analog and derivative, is new. INDEPENDENT CLAIMS are included for:    (1) an amorphous form of saroglitazar free acid of (IA);    (2) an amorphous form of saroglitazar magnesium of formula (I);    (3) preparation of an amorphous form of saroglitazar magnesium (I), comprising either (a) dissolving saroglitazar magnesium (I) in one or more organic solvents to obtain a solution, (b) adding the solution in one or more of anti-solvent at temperature of -80 degrees C to 150 degrees C to obtain saroglitazar magnesium (I), and (c) obtaining the amorphous saroglitazar magnesium by removal of anti-solvent, or (a1) reacting a (S)-2-ethoxy-3-(4-hydroxy-phenyl)-propionic acid ethyl ester (A) with a methanesulfonic acid 2-(2-methyl-5-(4-methylsulfanyl-phenyl)-pyrrol-1-yl)-ethyl ester (A1) in one or more organic solvents in the presence of a base to obtain an (S)-2-ethoxy-3-(4-(2-(2-methyl-5-(4-methylsulfanyl-phenyl)-pyrrol-1-yl)-ethoxy)-phenyl)-propionic acid ethyl ester of formula (II), (b1) hydrolyzing (II) with a base in one or more organic solvents to obtain a reaction mixture, (c1) washing the reaction mixture with one or more organic solvents to obtain aqueous layer, (d1) treating the aqueous layer with a magnesium source to obtain saroglitazar magnesium solution, (e1) removing the solvent from the solution to obtain saroglitazar magnesium residue, and (f1) adding one or more of anti-solvent to the residue followed by removal of anti-solvent to obtain the amorphous form of saroglitazar magnesium (I); and    (4) preparation of saroglitazar free acid of (IA).