Syngene Share: Dips despite completes $36.5 Mn US biologics site acquisition

Despite announcing the completion of its first biologics site acquisition in the US, Syngene, the contract research arm of Biocon, saw its shares dip 0.42 per at ₹703.10 cent on the BSE as of 10:35 AM in intraday trading.

The company had informed the exchanges late last night that Syngene USA has completed the acquisition of Emergent Manufacturing Operations Baltimore, LLC, a subsidiary of Emergent BioSolutions Inc., for $36.5 million. The stock moved after the company informed the exchanges late last night that it had completed the acquisition of its first biologics site in the USA. Syngene USA acquired Emergent Manufacturing Operations Baltimore, LLC, a subsidiary of Emergent BioSolutions Inc., at a gross value of USD 36.5 million.

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The new site will increase Syngene’s total single-use bioreactor capacity to 50,000L for large molecule discovery, development, and manufacturing services.

The company reported a profit after tax (PAT) of ₹131 crore for the third quarter, compared to ₹112 crore in Q3FY24. The revenue from operations grew by 11 per cent y-o-y to ₹944 crore and increased sequentially by 6 per cent from the last year’s quarter.