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Biocon’s contract research arm Syngene International has lined up $200 million (around Rs 1,342 crore) capex to bolster its manufacturing capabilities over the next three years.
The company plans to invest $100 million (around Rs 665.27 crore) at a greenfield facility in Mangaluru, the first phase of which would be operationalised by financial year 2018-19.
Besides, it has also earmarked another $100 million to create additional infrastructure at its existing facility at Bengaluru.
“We have acquired a site at Mangalore. We plan to come up with a manufacturing base there in line with a long-term strategy of the company. The unit, when functional, would support our existing Bangalore complex,” Syngene International Ltd CEO Jonathan Hunt told reporters during a conference call.
The first phase of the facility is expected to be completed by 2018-19, he added.
Syngene offers integrated drug discovery and development services with capabilities in medicinal chemistry, biology and toxicology.
Yesterday, the company had reported a 28.32 per cent rise in standalone net profit to Rs 59.8 crore for the quarter ended June 30, 2016.
When asked about the product pipeline, Hunt said the company has a “healthy high single digit” product pipeline which is in various stages of development''.
In 2015-16, Syngene had serviced 256 clients, including 8 of the top 10 global pharma companies.
Shares of Syngene International were trading 0.65 per cent up at Rs 430.55 apiece on the BSE
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