Shares of Syngene International rose to hit 52-week high on Thursday after it announced that they have completed a deal through which Syngene has purchased assets of Strand Life Sciences.
Under this acquisition, Syngene will acquire Standard Life Sciences' target dossier business, rights to NGS data analytics and Sarchitect platforms, supported by a scientific team. However, financial details of the deal were not disclosed by the company.
This deal gives Syngene access to Strand's patented Virtual Liver model and the NGS analytics platform.
Jonathan Hunt, CEO of Syngene International said, "We believe Strand's bioinformatics platforms not only complement our existing integrated service platforms but will also meet our customers growing needs for bioinformatics and data analytic support."
Bioinformatics is a rapidly emerging area that promises tremendous growth potential. Companies involved in pharmaceutical, cosmetics, FMCG and agro-biotech R&D have strong focus on genomics, and need sound bioinformatics applications and platforms for developing better therapeutics and products.
According to Transparency Market Research, the global bioinformatics market was estimated at $2.3 billion in 2012 and is forecasted to reach a market size of $9.1 billion in 2018, at a CAGR of 25.4%, the company said.
Shares of Syngene International were seem trading at Rs 505.50, higher by 5.03 per cent on BSE at 12.18 pm IST. It touched an intra-day high and 52-week high of Rs 524 during trade.