Syngene International surges 9% on ICMR nod for its Covid-19 test kit

Shares of Syngene International rallied nearly 9 per cent on the BSE on Thursday, a day after the company and HiMedia Laboratories, which have collaborated to manufacture ELISafe 19, an IgG based ELISA test kit for Covid-19, received the approval by the Indian Council of Medical Research (ICMR). 

At 09:52 AM, the stock was trading 8.4 per cent higher at Rs 491.85 on the BSE as compared to a 0.76 per cent rise in the S&P BSE Sensex at 38,483.48 levels. The stock had hit an all-time high of Rs 522 on August 26, 2020. 

The product will be launched once it receives approval from the Central Drugs Standard Control Organisation (CDSCO) next. The test kits, developed indigenously by Biocon’s research arm Syngene, test the presence of SARS-COV-2 antibodies which confirm that a patient has been exposed to the coronavirus. It has the capacity to test samples together in a single run and generates results within three hours. CLICK HERE TO READ THE FULL REPORT

“We appreciate the prompt response of the ICMR in reviewing and approving the ELISafe 19 kit. The kit is a result of a unique combination of skills: Syngene’s expertise in viral research and HiMedia’s ability to manufacture and commercialise the product,” said Vishal G Warke, Director R&D, Cell Culture and Immunology, HiMedia Laboratories.