Syngene eyes capacity and capability expansion post-IPO

By Staff reporter

- Last updated on GMT

Syngene eyes capacity and capability expansion post-IPO

Related tags Initial public offering Syngene

Syngene says it will invest in new capacity and capabilities, including a viral testing facility, as it reports strong results in its first quarter post-IPO.

Syngene International Limited, the contract research and manufacturing services (CRAMS) wing of Indian drugmaker Biocon, was spun-out as a standalone public company in August after an initial public offering which the firm said raised over $1.15bn.

“The resounding oversubscription [31 times] of the IPO has reflected the trust and confidence of the investor community in Syngene’s value proposition,”​ Biocon’s Managing Director Kiran Mazumdar-Shaw said yesterday.

“India’s only publicly listed Research Services Company”​ reported sales for the second quarter FY 2016 of 26bn INR (($403m), a 28% y-o-y increase, while the bottom line grew 29% to 290m INR.

But the firm also revealed its plans for growth through additional capacity and capabilities in the discovery and development space.

“The key ongoing investments in these areas include a new research center, a formulation center and a large molecules manufacturing unit at our current site,”​ the firm said.

“In terms of new capabilities, we are currently investing in a viral testing facility and an oligonucleotide pilot plant. These investments continue to be on track for commissioning in the near to mid-term.”

The firm has also upped its manufacturing services, investing in a new commercial-scale unit at Mangaluru, India which CEO Peter Bains said “has helped us keep pace with the increasing requirements of our clients."

According to spokesperson Sandeep Nair, Syngene is strongly placed in the Indian as well as the global CRO space.

"We are the largest CRO in India and also amongst the largest in Asia offering a wide range of integrated services across the drug discovery, development and manufacturing continuum," ​he told Outsourcing-Pharma.

"Syngene is the only CRO in India offering such a broad range of integrated services across small and large molecules. What gives Syngene an edge in the research and manufacturing service space is its excellent pool of scientific talent, world class infrastructure, and an impeccable track record of quality compliance."

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