Biocon's contract research arm Syngene International clocked 54.02 per cent increase in its net profit at Rs 74.7 crore for the second quarter ended September 30, backed by discovery and R&D centre business verticals. The company, which had noted a net profit of Rs 48.5 crore during the corresponding period of the previous financial year, also declared acquisition of bio-informatics services of Strand Life Sciences along with a team of data scientists.
Net sales of the company increased to Rs 294.7 crore for the 2nd quarter, against Rs 256.1 crore during the corresponding period of previous financial year, as per Syngene International’s regulatory filing. According to Jonathan Hunt, Syngene International CEO, it has been a good quarter for Syngene with top and bottom lines recording strong growth.
The company signed a strategic collaboration with Amgen Inc in order to set up a dedicated centre that will have Syngene scientists working together with Amgen's global scientific teams on small and large molecule research, he added. The company also attained the bio informatics assets of Strand Life Sciences along with a team of data scientists which boosts the company's data analytics capabilities and opens new avenues for supplying value added services to clients, Hunt further said. Syngene, nonetheless, did not share financial details.
As on 20th Oct, Syngene share price traded above 7 per cent at Rs. 542.10. The stock settled at Rs. 542.90. The stock touched the day’s high and low at Rs. 563.95 and Rs. 511.95 respectively.
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