Biotech firm Biocon today said its subsidiary 'Syngene International' has entered into an agreement with US-based Endo Pharmaceuticals to expand their collaboration to develop molecules to fight cancer.
"Syngene and Endo will partner on two new discovery programmes, strengthening their ongoing alliance in cancer research," Syngene said in a filing to the Bombay Stock Exchange (BSE).
Syngene and Endo had inked a pact for drug discovery collaboration in March last year.
As per the agreement signed last year, Endo would retain all rights to the molecules developed while Syngene would receive research fees, milestone payments and success fees from Endo.
"This expansion reflects both the progress being made by Endo in the exciting area of novel therapeutic interventions to treat cancer, and Endo's confidence in Syngene's discovery and development capabilities in strengthening Endo's pipeline," Syngene Director Peter Bains said.
Both the firms would leverage their complementary and synergistic capabilities towards innovating novel therapeutic molecules for a robust cancer pipeline, the company said.
A wholly owned subsidiary of Biocon, Syngene is one of the leading research organisations offering integrated drug discovery and development services.
Shares of Biocon were trading at Rs 360.60 on BSE in late afternoon trade, down 2.75% from its previous close.
