Syngene International gains after inking R&D pact with GSK

Syngene International rose 1.25% to Rs 567.40 at 10:43 IST on BSE after the company said it signed research and development agreement with GSK.

The announcement was made during trading hours today, 26 March 2018.

Meanwhile, the S&P BSE Sensex was down 59.89 points, or 0.18% to 32,536.65.

On the BSE, 1,394 shares were traded in the counter so far compared with average daily volumes of 24,000 shares in the past two weeks. The stock had hit a high of Rs 571 and a low of Rs 560 so far during the day. The stock hit a record high of Rs 670 on 24 January 2018. The stock hit a 52-week low of Rs 430 on 11 August 2017.

Syngene International, a leading global contract research services company, announced an research and development (R&D) agreement with GSK, a science-led global healthcare company. The multiyear agreement will focus on accelerating the discovery of new drug candidates using Syngene's discovery services platforms.

As part of the agreement, Syngene will set-up a customized discovery research laboratory to support projects across several therapeutic areas. A team of Syngene scientists, will work closely with GSK's global R&D teams on discovery research projects to identify new drug candidates with the potential to address some of the world's most pressing healthcare needs.

Net profit of Syngene International rose 10.08% to Rs 81.90 crore on 16.74% rise in net sales to Rs 387.70 crore in Q3 December 2017 over Q3 December 2016.

Syngene International is India's largest contract research services organization providing integrated discovery and development services for novel molecules across multiple platforms including small molecules, large molecules, antibody-drug conjugates and oligonucleotides.

Powered by Capital Market - Live News