This is the space where I jot down my observations on the healthcare industry
Tuesday, 12 July 2016
Syngene International gains after kicking off new development center in Bangalore
Syngene International rose 2.70% to Rs 485.10 at 9:31Iston Bseafter the company announced the establishment of an integrated, multi-disciplinary drug discovery and development center for Amgen, Inc in Bangalore, India.
The announcement was made after market hours yesterday, 6 September 2016.
Meanwhile, the BseSensex was down 24.83 points, or 0.09%, to 28,953.19.
On BSE, so far 8,396 shares were traded in the counter, compared with average daily volume of 26,251 shares in the past one quarter. The stock hit a high of Rs 494.05 and a low of Rs 477.90 so far during the day. The stock hit a record high of Rs 486 on 31 August 2016. The stock hit a 52-week low of Rs 315 on 23 September 2015. The stock had outperformed the market over the past 30 days till 6 September 2016, rising 12.76% compared with 2.82% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 23.25% as against Sensex's 7.24% rise.
The mid-cap company has equity capital of Rs 200 crore. Face value per share is Rs 10.
This center, named Syngene Amgen Research and Development Center (SARC), will be Syngene's fourth such exclusive R&D center. Syngene already operates dedicated R&D centers for Bristol-Myers Squibb, Abbott Nutrition and Baxter Inc. The state-of-the-art dedicated center will be staffed by a team of more than 100 highly qualified Syngene scientists, working in close association with Amgen researchers around the world on the discovery and development of innovative medicines.
In addition to being customized to meet Amgen's functional requirements, the facility complies with the highest regulatory standards. Its design includes a range of environmentally-friendly features and flexible layouts, and is configured to minimize solvent and effluent waste with a strong emphasis on laboratory safety and green chemistry. Syngene has partnered with Amgen in a variety of discovery and development projects. With the establishment of SARC, this association now extends into a multi-discipline collaboration spanning capabilities in medicinal and process chemistry, biologics, bioprocess, drug metabolism, pharmacokinetics, bioanalytical research, and pharmaceutical development.
Net profit of Syngene International rose 28.33% to Rs 59.80 crore on 17.92% rise in net sales to Rs 269.20 crore in Q1 June 2016 over Q1 June 2015.
Promoted by Biocon, Syngene International is a leading India-based contract research organization (CRO) offering a suite of integrated and end-to-end discovery and development services for novel molecular entities (NMEs) across industrial sectors. Biocon holds 74.55% stake in Syngene, as per the shareholding pattern as on 30 June 2016.