Meanwhile, the BSE Sensex was down 117.06 points, or 0.75% to 15,568.15.
On BSE, 49,000 shares were traded in the counter as against average daily volume of 39,300 shares in the past one quarter.
The stock hit a high of Rs 273.80 and a low of Rs 267.50 so far during the day. The stock had hit a 52-week low of Rs 240.10 on 20 December 2011. The stock had hit 52-week high of Rs 430.50 on 4 January 2011.
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The stock has surged 6.35% in two trading sessions from Rs 255.90 on Tuesday, 20 December 2011, after the company announced during trading hours on Wednesday, 21 December 2011, that its wholly owned subsidiary -- Clinigene has entered into collaborative clinical research services agreement with Seattle based Pacific Biomarkers Inc.
The mid-cap stock had underperformed the market over the past one month till 21 December 2011, falling 12.92% compared with Sensex's 1.64% decline. The scrip had also underperformed the market over the past one quarter, declining 20.35% as against Sensex's 8.09% fall.
The company has an equity capital of Rs 100 crore. Face value per share is Rs 5.
Biocon said Clinigene has entered into a collaborative agreement with Pacific Biomarkers Inc to address the specialty biomarker and high-end clinical trial laboratory needs of the global pharmaceutical and biotechnology industry.
Commenting on the agreement, Ronald Helm, CEO, Pacific Biomarkers said, "This partnership with Clinigene provides us access to India, and emerging hub for drug development and contract research. Further, Clinigene's state-of-the-art facilities and highly qualified staff help us offer to all of our clients an economic option to conduct their biomarker and specialty clinical lab tests. We are also excited about Clinigene's unique capabilities in cell-based assays and immunoanalytical testing services, which are of great interest to the global pharmaceutical and biotechnology community".
Clinigene, a fully owned subsidiary of Biocon, is a full-service contract research organization (CRO) providing early-stage as well as late-phase clinical solutions, and central laboratory, immunoanalytical and data management services.
Pacific Biomarkers provides biomarker laboratory services and contract research services to support pharmaceutical and diagnostic manufacturers conducting human clinical trial research. The company provides expert services in the areas of cardiovascular and musculoskeletal diseases, diabetes, obesity and nutrition.
On a consolidated basis, Biocon's net profit fell 3.9% to Rs 85.70 crore on 21% growth in net sales to Rs 508.44 crore in Q2 September 2011 over Q2 September 2010.
Biocon is India's largest biotechnology company by revenue. The Biocon Group, promoted by Ms Kiran Mazumdar-Shaw is a fully-integrated, innovative-driven healthcare enterprise with strategic focus on biopharmaceuticals and research services. Biocon's value chain traverses the entire length of discovery, development and commercialization of novel therapeutics. Biocon delivers products and solutions to partners and customers in approximately 75 countries across the globe.
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