Syngene International shares surged nearly 9 per cent intraday on Thursday after the company informed bourses that it has purchased assets of Strand Life Sciences
Syngene International shares surged nearly 9 per cent intraday on Thursday after the company informed bourses that it has purchased assets of Strand Life Sciences related to systems biology, Heptox and pharma bioinformatics services for an undisclosed sum. This includes target dossier business and rights to NGS data analytics and Sarchitect platforms, supported by a strong scientific team.
However, shares of the company closed 4.31 per cent up at Rs 502.05. The scrip opened the day at Rs 514 and has touched a high and low of Rs 524.45 and Rs 496.10, respectively, in trade so far. Benchmark BSE Sensex settled 268.71 points, or 0.93 per cent, up at 28773.13.
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According to the release, the 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 laboratory-based experiments prior to actual testing on live animals or humans. Strand NGS is an integrated platform that provides analysis, management and visualisation tools for next-generation sequencing data.
For the quarter ended June 30, 2016, Syngene International registered net profit of Rs 59.80 crore, up 28.33 per cent, against Rs 46.60 crore in the corresponding quarter a year ago. Net sales of the company increased by 17.92 per cent year-on-year to Rs 269.20 crore for the quarter under review against Rs 228.30 crore in the same quarter last year.
Syngene International is one of Asia’s largest Contract Research Organisations.