Syngene International Extends Partnership With Bristol-Myers

Currently Syngene International has collaboration with three major pharma companies (Bristol-Myers Squibb, Abbott Nutrition and Baxter) for drug discovery and development. In Q4FY14 the company entered in a multi-year contract deal with Baxter (one of largest pharma company) for drug discovery and development.

Since 2007, Bristol-Myers Squibb has been working with Syngene and its corporate parent, Biocon to develop integrated capabilities in medicinal and process chemistry, biology, biotechnology, biomarkers, drug metabolism and pharmacokinetics, analytical research and pharmaceutical development at the Biocon Bristol-Myers Squibb Research Center (BBRC) in Bangalore.

The U.S-India collaboration has produced six drug candidates for further study and also helped Bristol-Myers Squibb reduce the time and costs associated with advancing new compounds to first-in-human studies. One drug candidate currently in clinical trials was discovered at BBRC and early nonclinical development work done at BBRC has enabled most of Bristol-Myers Squibb’s small molecule assets to advance to later stages of development over the last five years.

Commenting on the new agreement, Peter Bains, Director, Syngene International, said, “We are extremely delighted to extend our discovery and development partnership with Bristol-Myers Squibb for another five years. This extension reflects the strength of our existing collaboration which has delivered many successful outcomes. The scope of Syngene’s engagement has expanded to encompass a broad range of integrated service offerings across the drug discovery and development continuum. We remain committed to supporting Bristol-Myers Squibb in their pursuit of developing new and innovative medicines for the future.”

After the deal announcement the company’s stock showed an upward trend in its stock price and grew by 2.45% to Rs 453 per share over its previous close.