India's Syngene International hits 10-week high on Zoetis manufacturing deal

Syngene International

15/07/2022 06:04

** Shares of Syngene International  SYNN.NS , a research,
development, and manufacturing firm, rise as much as 4.3% to 613
rupees, their highest since May 5
    ** SYNN signs 10-year biologics manufacturing agreement with
U.S.-listed animal health company Zoetis  ZTS.N  (nFWN2YV2K4)
    ** SYNN, a unit of biopharma firm Biocon  BION.NS , will
manufacture drug substance for Librela, a monoclonal antibody
used for treating osteoarthritis in dogs
    ** Deal, initially centered on Librela, paves the way for
manufacturing of other molecules in coming years and is expected
to be worth up to $500 mln to SYNN over 10 years, co adds
    ** 7 of the 8 analysts covering the stock have a "buy" or
"strong buy" rating, while 1 rates it at "sell"; median PT is
710 rupees - Refinitiv data
    ** More than 1.5 mln shares change hands by 0444 GMT, 4.8x
30-day avg of 311,732 shares
    ** Stock down 5.14% YTD up to last close

 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com))