Biocon rose 2.19% to Rs 451.85 at 10:00 IST on BSE after the company's subsidiary Syngene International announced a five-year extension of its drug discovery and development collaboration with Bristol-Myers Squibb.
The announcement was made after trading hours on Tuesday, 3 June 2014.
Meanwhile, the BSE Sensex was down 12.77 points, or 0.05%, to 24,845.82.
On BSE, so far 26,000 shares were traded in the counter, compared with an average volume of 1.32 lakh shares in the past one quarter.
The stock hit a high of Rs 454 and a low of Rs 444 so far during the day. The stock hit a record high of Rs 513.65 on 21 April 2014. The stock hit a 52-week low of Rs 264.45 on 13 June 2013.
The stock had underperformed the market over the past one month till 3 June 2014, falling 6.89% compared with 10.96% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 2.74% as against Sensex's 18.68% rise.
The mid-cap company has an equity capital of Rs 100 crore. Face value per share is Rs 5.
Financial terms of the new agreement between the two firms were not disclosed. Since 2007, Bristol-Myers Squibb has been working with Syngene and Biocon to develop integrated capabilities in medicinal and process chemistry, biology, biotechnology, biomarkers, drug metabolism and pharmacokinetics, analytical research, and pharmaceutical development at the Biocon Bristol-Myers Squibb Research Center (BBRC) in Bangalore. The US-India collaboration has produced six drug candidates for further study and also helped Bristol-Myers Squibb reduce the time and costs associated with advancing new compounds to first-in-human studies, Syngene International and Bristol-Myers Squibb said in a joint statement. One drug candidate currently in clinical trials was discovered at BBRC and early nonclinical development work done at BBRC has enabled most of Bristol-Myers Squibb's small molecule assets to advance to later stages of development over the last five years, the two companies said.
Bristol-Myers Squibb and Syngene jointly developed the BBRC at Biocon Park in Bangalore. Over the years, BBRC has become Bristol-Myers Squibb's largest research and development center outside the United States, housing more than 400 scientists.
Biocon's consolidated net profit declined 54.51% to Rs 113.08 crore on 14.92% growth in total income to Rs 745.77 crore in Q4 March 2014 over Q4 March 2013.
Biocon is a fully-integrated, innovation-led, emerging global biopharmaceutical enterprise serving customers in over 85 countries.
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