Syngene International gained 5.12% to Rs 505.95 at 10:39 IST on BSE after the company announced closure of deal involving purchase of assets of Strand Life Sciences related to systems biology, Heptox and pharma bioinformatics services.
The announcement was made after market hours yesterday, 21 September 2016.Meanwhile, the S&P BSE Sensex was up 268.83 points, or 0.94%, to 28,776.25
On BSE, so far 66,000 shares were traded in the counter, compared with average daily volume of 27,623 shares in the past one quarter. The stock hit a high of Rs 524.45 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 500 so far during the day. The stock hit a 52-week low of Rs 315 on 23 September 2015. The stock had outperformed the market over the past 30 days till 21 September 2016, advancing 13.41% compared with 1.85% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 20.23% as against Sensex's 5.57% rise.
The mid-cap company has equity capital of Rs 200 crore. Face value per share is Rs 10.
Syngene International and Strand Life Sciences, yesterday, 21 September 2016, announced that they have completed a deal through which Syngene International has purchased assets of Strand Life Sciences related to systems biology, Heptox and pharma bioinformatics services. This includes target dossier business and rights to NGS data analytics and Sarchitect platforms, supported by a strong scientific team, as per the joint press release issued by Syngene International and Strand Life Sciences. Financial details of the deal were not disclosed. This deal gives Syngene access to Strand's patented Virtual Liver model and the NGS analytics platform. The Virtual Liver model is able to predict the toxic effect of different drugs or chemicals on the liver (both rat and human) using information from laboratorybased experiments prior to actual testing on live animals or humans, the two companies said. Strand NGS is an integrated platform that provides analysis, management and visualization tools for next-generation sequencing data.
Bioinformatics is a rapidly emerging area that promises tremendous growth potential. Companies involved in pharmaceutical, cosmetics, FMCG and agro-biotech R&D have strong focus on genomics, and need sound bioinformatics applications and platforms for developing better therapeutics and products. According to Transparency Market Research, the global bioinformatics market was estimated at $2.3 billion in 2012 and is forecasted to reach a market size of $9.1 billion in 2018, at a CAGR of 25.4%.
Syngene International's net profit rose 28.33% to Rs 59.80 crore on 17.92% rise in net sales to Rs 269.20 crore in Q1 June 2016 over Q1 June 2015.
Promoted by Biocon, Syngene International is a leading India-based contract research organization (CRO) offering a suite of integrated and end-to-end discovery and development services for novel molecular entities (NMEs) across industrial sectors. Biocon holds 74.55% stake in Syngene, as per the shareholding pattern as on 30 June 2016.
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