Strides Arcolab gains after tie-up with a Singapore based firm

Strides Arcolab rose 1.2% to Rs 861 at 14:08 IST on BSE after the company said its biotech subsidiary - Stelis Biopharma has entered into research collaboration agreement with Bio-Scaffold International Pte, a Singapore based start-up company.

The announcement was made during trading hours today, 23 October 2013.

Meanwhile, the S&P BSE Sensex was down 243.47 points or 1.17% at 20,621.50.

On BSE, 12,000 shares were traded in the counter as against average daily volume of 66,115 shares in the past one quarter.

The stock was volatile. The stock rose as much as 2.85% at the day's high of Rs 875 so far during the day. The stock lost as much as 0.2% at the day's low of Rs 849 so far during the day. The stock hit a record high of Rs 1,224.90 on 5 December 2012. The stock hit a 52-week low of Rs 552.65 on 1 August 2013.

The stock had underperformed the market over the past one month till 22 October 2013, sliding 3.33% compared with the Sensex's 2.97% rise. The scrip had, however, outperformed the market in past one quarter, jumping 9.36% as against Sensex's 3.5% rise.

The mid-cap company has equity capital of Rs 59.16 crore. Face value per share is Rs 10.

Strides Arcolab said that its biotech subsidiary - Stelis Biopharma (previously known as Agila Biotech) today, 23 October 2013, entered into research collaboration agreement with Bio-Scaffold International Pte (BSI), a Singapore based, start-up company, to research and develop BMP and stem cell loaded 3D printed devices for various applications in orthopaedics, cosmetology/plastic and reconstructive surgery and dentistry. The two companies will bear the cost of its contribution to the joint research collaboration.

Stelis Biopharma is a wholly-owned subsidiary of Strides Arcolab, India.

Bio-Scaffold International Pte (BSI) is a local biomedical technology company focusing on the development of scaffolds for tissue engineering which include repair and replacement of human tissue including bones, ligaments and joints.

Strides Arcolab reported a net profit of Rs 2.16 crore in Q2 June 2013, as against net loss of Rs 19.90 crore in Q2 June 2012. Net sales declined 7.3% to Rs 150.83 crore in Q2 June 2013 over Q2 June 2012.

Strides Arcolab is a global pharmaceutical company headquartered in Bangalore. The company develops and manufactures a wide range of IP-led niche pharmaceutical products with an emphasis on sterile injectables. The company has 14 manufacturing facilities across 6 countries with presence in more than 75 countries in developed and emerging markets.

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