Syngene International inks deal with HiMedia for Covid-19 test kit

Syngene International on Tuesday (2 June) announced a deal with HiMedia Laboratories to produce and distribute ELISA test kits for Covid-19.

Syngene International has teamed up with HiMedia Laboratories, a bioscience company with expertise in media manufacturing and diagnostics for over 45 years, to manufacture and distribute its ELISA (Enzyme-Linked Immunosorbent Assay) kits. HiMedia will manufacture the kits at its facility in Mumbai (Maharashtra) and distribute it across India.

Syngene International has indigenously developed an anti-COV-2 IgG ELISA at its research facility in Bengaluru (Karnataka). This test identifies the presence of SARS-COV-2 antibodies in blood samples and confirms if a patient has been exposed to the coronavirus. It has a capacity to test samples together in a single run and generates results within 3 hours.

Speaking on the partnership, Dr. Mahesh Bhalgat, the chief operating officer (COO) of Syngene International, has said that: "At a time when the number of COVID-19 cases is increasing at an alarming rate across the country, there is an urgent need to make available reliable testing kits using advanced technology to test patients and identify positive cases. To fill this gap, Syngene, with its expertise across diverse scientific domains, has developed an ELISA kit that allows higher throughput and generates faster results. We are happy to tie-up with HiMedia who will make the kits available at a large scale to significantly increase serological testing in India."

Shares of Syngene International gained 0.73% to Rs 373.60 on BSE. The scrip hovered in the range of Rs 367.65 to Rs 390 so far.

On the technical front, the stock's RSI (relative strength index) stood at 74.348. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 300.67 and its 200-day moving average (DMA) placed at 308.81.

Syngene International's consolidated net profit rose 20.1% to Rs 120.20 crore on a 13.7% increase in net sales to Rs 607.30 crore in Q4 March 2020 over Q4 March 2019.

Syngene International is engaged in providing contract research and manufacturing services in early-stage drug discovery and development to pharmaceutical and biotechnology companies.

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