 "Syngene International falls 5%")
Syngene International was trading lower by 5% to Rs 600 on the National Stock Exchange (NSE) in noon deal trade after a fire engulfed the premises of the Syngene, the contract research subsidiary of Biocon, on Monday evening.
The stock hit an intra-day low of Rs 593 on NSE so far. At 11:57 am; the Nifty50 index was up 0.15% at 8,183 points.
Syngene International informed the stock exchanges that there was a fire last night within one of the company’s laboratory building (Building-S2) at Syngene, which has since been brought under control. There has been no loss of life or any injury reported.
The S2 facility comprises laboratory and office space, representing approximately 10% of the total developed laboratory and office space on the campus.
“We are in the process of assessing the extent of damage to the building and equipment and also implementing our business continuity plan to minimize impact on operations,” Syngene International said in a statement.
Our ‘Industrial All Risk’ policy will help us minimize the financial impact on account of damage to assets and loss of profits. Other facilities are not impacted and continue to operate as normal, it added.
Syngene offers contract research and manufacturing services to global Pharma majors such as Amgen, Bristol Myers Squibb, Abbott Nutrition and Baxter International.
The stock hit an intra-day low of Rs 593 on NSE so far. At 11:57 am; the Nifty50 index was up 0.15% at 8,183 points.
Syngene International informed the stock exchanges that there was a fire last night within one of the company’s laboratory building (Building-S2) at Syngene, which has since been brought under control. There has been no loss of life or any injury reported.
The S2 facility comprises laboratory and office space, representing approximately 10% of the total developed laboratory and office space on the campus.
“We are in the process of assessing the extent of damage to the building and equipment and also implementing our business continuity plan to minimize impact on operations,” Syngene International said in a statement.
Our ‘Industrial All Risk’ policy will help us minimize the financial impact on account of damage to assets and loss of profits. Other facilities are not impacted and continue to operate as normal, it added.
Syngene offers contract research and manufacturing services to global Pharma majors such as Amgen, Bristol Myers Squibb, Abbott Nutrition and Baxter International.