Suven Life Sciences to raise Rs 241 cr for R&D centre

City-based biopharmaceutical company Suven Life Sciences Limited stated that its board had approved a proposal to raise funds to the tune of $ 50 million (about Rs  241 crore) through issue of equity shares, global depository receipts, American depository receipts or foreign currency convertible bonds or other securities.

It would use these funds to meet its research and clinical development expenditure, for creating a dedicated drug discovery centre and to meet the ongoing expansion and upgradation plans, according to a release.