Sun Pharma Advanced Research Company Limited (SPARC) has officially established a wholly-owned subsidiary, SPARCLIFE Inc., in Delaware, USA. SPARCLIFE, Inc. was incorporated on September 25, 2023, with an authorized issuance of 5,000 shares of Common Stock, each with a par value of USD 0.001. The initial paid-up share capital consists of 50 shares of Common Stock, valued at USD 0.001 per share, totaling USD 50,000.
The primary purpose of this subsidiary is to engage a team of experienced professionals in the United States who will oversee and manage global clinical trials conducted by the Company through various Contract Research Organizations (CROs) in the US.
The acquisition cost for this subsidiary involves the purchase of 50 shares of common stock at a par value of USD 0.001 per share, amounting to a total consideration of USD 50,000 in cash.
As of Tuesday, SPARC Limited’s shares closed at Rs.223.05 on the NSE, representing a 0.18% increase.