Syngene is doing pretty well today morning, rising over 5% to an intraday high at Rs.616.90 on the back of an over 6x times in volumes. Its 52-week high is at Rs.699.95.
The stock rose after the company announced that it has signed a 10-year agreement with animal health company, Zoetis, to manufacture the drug substance for Librela which is used for treating osteoarthritis in dogs.
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 in over 10 years.
Syngene is an integrated research, development and manufacturing services company serving the global pharmaceutical, biotechnology, nutrition, animal health, consumer goods and specialty chemical sectors.