Biocon is trading firm by 3% at Rs 294 levels after its subsidiary - Syngene International - entered into a discovery and development collaboration with Endo Pharmaceuticals, USA to develop novel biological therapeutic molecules against cancer.
Under the agreement, Endo will retain all rights to the molecules developed, while Syngene will receive research fees, milestone payments and success fees from the US-based firm.
The stock opened at Rs 287 and is currently trading at day’s high. Around 243,000 shares have changed hands in the counter so far on the BSE.
Syngene is an internationally reputed Custom Research Company with multi-disciplinary skills in integrated drug discovery, while Endo Pharmaceutical is engaged in research, development, sale and marketing of branded and generic prescription pharmaceuticals.
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