Suven Life Sciences to set up subsidiary in US, all set to invest USD 75 millon in venture

Suven Life Sciences Saturday said it will create a wholly-owned subsidiary in the US and will infuse USD 75 million (about Rs 525 crore) in its new business. The board of directors at its meeting held on Saturday has taken on record the approval for creation of wholly owned subsidiary (WOS) Suven Pharma, Inc, a Delaware company in the US under Contract Research And Manufacturing Services (CRAMS) division, the company said in a regulatory filing. The board of directors has approved investment of USD 75 million in the said WOS for new business opportunities and acquisitions, it added.

(With inputs from agencies.)