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Syngene International soars on signing 10-year biologics manufacturing agreement with Zoetis

Syngene International soars on signing 10-year biologics manufacturing agreement with Zoetis

Syngene International is currently trading at Rs. 610.20, up by 23.15 points or 3.94% from its previous closing of Rs. 587.05 on the BSE.

Syngene International
Syngene International

The scrip opened at Rs. 602.95 and has touched a high and low of Rs. 612.50 and Rs. 593.25 respectively. So far 37679 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 699.95 on 16-Jul-2021 and a 52 week low of Rs. 508.10 on 22-Feb-2022.

Last one week high and low of the scrip stood at Rs. 612.50 and Rs. 565.25 respectively. The current market cap of the company is Rs. 23566.21 crore.

The promoters holding in the company stood at 70.41%, while Institutions and Non-Institutions held 18.10% and 11.49% respectively.

Syngene International has signed 10-year agreement with leading animal health company, Zoetis, to manufacture the drug substance for Librela (bedinvetmab), a first in class monoclonal antibody used for treating osteoarthritis in dogs.

Launched in Europe, the UK and Switzerland, the product won ‘Best new companion animal product’ by IHS Markit Connect in 2021 for its transformational impact on pain relief for canines suffering from this debilitating condition.

Syngene’s collaboration with Zoetis started in 2011. Over the past 11 years, Syngene has undertaken development work on several monoclonal antibodies for use in animal health, including developing and manufacturing clinical supplies of a treatment for allergic or atopic dermatitis, now widely used, and Librela.

This agreement, initially centred on Librela, paves the way for development and manufacturing of other molecules in the coming years and is expected to be worth up to $500 million to Syngene over 10 years, subject to regulatory approvals and market demand.

Syngene International is India’s largest Contract Research Services Organization providing integrated discovery and development services for novel molecules across multiple platforms including small molecules, large molecules, Antibody-Drug Conjugates and Oligonucleotides.