Syngene lines up USD 200 mn capex for biz expansion

Syngene International, the contract research arm of biotechnology major Biocon, is looking to invest USD 200 million (over Rs 1,370 crore) over the next two years to expand capacity and upgrade manufacturing facilities.
"Capex of USD 200 million (is) envisaged over FY16 to FY18," Syngene International said in a investor presentation.
The capex would be used towards capacity expansions, capability additions and technology upgradations, it added.
The investment areas for the capital expenditure are research centre, formulation centre, manufacturing facilities and expansion of new capabilities, Syngene International said.
The company said it will tap a mixture of its own resources and debt to raise funds for future growth.

"Future funding requirements to be met through internal accruals & debt," Syngene said.
Syngene offers integrated drug discovery and development services with capabilities in medicinal chemistry, biology and toxicology.
Shares of Syngene International today closed at Rs 396.45 per scrip on BSE, up 3.11 per cent from its previous close.