India's Syngene, the recently IPO'd CRO division of Biocon, kept up its years-long run of growth with a 28% revenue boost in the second quarter of its fiscal year.
The company, headquartered in Bangalore, reported 2.6 billion rupees ($40.3 million) in revenue on the quarter, beating the 2 billion rupees ($31.5 million) it posted in the same period last year. For the half, Syngene banked nearly 5 billion rupees ($76.6 million), representing 28% growth over the first 6 months of fiscal 2015.
Syngene priced a 5.5 billion rupee ($85 million) IPO in August, with the proceeds going to parent Biocon, and has now set out to grow its share of the Asian CRO market. The company's recent growth is a testament to years of Biocon's gradual investments in infrastructure, CEO Peter Bains said, and Syngene plans to keep things rolling now that it's a publicly traded company.
"Our recent capacity expansion in manufacturing services, has helped us keep pace with the increasing requirements of our clients," Bains said in a statement. "We continue with our investments in the discovery and development space to support our partners' evolving needs and to deliver sustained value to our shareholders."
For the rest of the year, Syngene said it plans to keep devoting resources to its anchor partnerships with Bristol-Myers Squibb ($BMY), Abbott ($ABT) and Baxter ($BAX) as well as investing in new research centers, manufacturing outposts and biologics development technologies.
- read the results (PDF)