Biocon has raced ahead on the bourses after the company's subsidiary Syngene International announced a five-year extension of its drug discovery and development collaboration with Bristol-Myers Squibb. The stock is quoting at Rs 456, stronger by Rs 13 or 3.1%, on the BSE.
The financial terms were not disclosed. Since 2007, Bristol-Myers Squibb has been working with Syngene and its corporate parent, Biocon, to develop integrated capabilities in medicinal and process chemistry, biology, biotechnology, biomarkers, drug metabolism and pharmacokinetics, analytical research, and pharmaceutical development at the Biocon Bristol-Myers Squibb Research Center (BBRC) in Bangalore.
Commenting on the new agreement, Peter Bains, Director, Syngene International, said: "We are extremely delighted to extend our discovery and development partnership with Bristol-Myers Squibb for another five years. This extension reflects the strength of our existing collaboration which has delivered many successful outcomes.
The stock had opened at the intra-day low of Rs 444 and has touched a high of Rs 454 thus far.
