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The phrase "also preparing its own" is correct and usable in written English.
It can be used when discussing the actions of a subject that is simultaneously working on its own version or contribution of something.
Example: "The company is launching a new product while also preparing its own marketing strategy."
Alternatives: "also developing its own" or "also creating its own".
Exact(2)
MySpace is also preparing its own music service to be called MySpace Music.
NASA is also preparing its own heavy launcher, the Space Launch System or SLS, with a target launch date of 2018.
Similar(58)
Germany is said to be preparing its own AI strategy.
Paramount, meanwhile, is reportedly preparing its own DVD.
Facebook had its initial public offering last year, and Twitter is preparing its own.
Each troupe has prepared its own dance.
He said Florida will prepare its own tests instead.
Add to this the fact that Oliver Stone is also preparing his own - avowedly nonpolitical - 9/11 project, and you'd think that Greengrass was dancing merrily on the graves of Flight 93's dead.
Japan is roaring back into space, increasing its launch capabilities and also preparing to deploy its own GPS infrastructure.
AOL is also preparing to distribute its own video content and content from its partners on other Web sites.
ZTE says it is willing to work with operators, but is also preparing to push its own brand more vigorously, particularly in western Europe.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com