Indegene inks pact with Microsoft to scale Gen AI adoption: stock jumps 5%

Shares of Indegene soared up to 4.81 per cent at Rs 597.25 per share on the BSE after the company on Thursday announced its collaboration with Microsoft to help life sciences firms in scaling up generative AI adoption.

Indegene and Microsoft have committed to developing resources in specialised and skilled medical and technology tools to co-innovate generative AI services and workflows across commercial, medical, regulatory, and clinical functions, the company said in an exchange filing. 

“By seamlessly integrating Indegene's domain knowledge with Microsoft Azure OpenAI Service and Microsoft Copilot, we stand at the forefront of advancing generative AI within the life sciences sector. This collaborative effort empowers life sciences companies to fully harness AI's capabilities, fostering innovation and scalability within the industry,” said Alok Lall, Chief Operating Officer, Microsoft India and South Asia. 

The collaboration focuses on content super application for simplifying content creation and tagging for life sciences companies. It will also focus on future-ready medical content value chain and data management and analytics for clinical trials.

 

Tarun Mathur, CTO, Indegene said that GenAI presents a once-in-a-decade opportunity for life sciences companies to modernise business processes and reimagine the operation efficiency in the value chain. “Using GenAI, we’re closely working with many of our clients to solve specific business problems, with nearly 50 real-world use cases already in an advanced pilot stage”, he said. 

Indegene has a total market capitalisation of Rs 14,139.60 crore. The company share price has stayed relatively the same since its listing in May this year, rising only by 3 per cent. 

For the fourth quarter of fiscal year 2023-24 (Q4FY24), the pharmaceutical commercialisation firm reported a revenue of Rs 673 crore, marking a 6.5 per cent jump from Rs 632 crore in the same period a year ago. 

The company’s net profit surged by 94.6 per cent to Rs 94.9 crore in the quarter ending March 31, 2024, compared to Rs 48.8 crore in the corresponding period last year. Whereas the profits fell by 3.9 per cent sequentially against Rs 98.8 crore recorded in Q3FY24. 

At 01:53 PM; the stock of the company was trading 3.85 per cent higher at Rs 591.75 per share on the BSE. In comparison the BSE Sensex fell marginally by 0.08 per cent to 79,861 levels.