WEEKLY PICK 20 DEC 2015

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SMART INVESTOR

BANGALORE

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ABOUT THE COMPANY

05/03/23

Kiran Mazumdar Shaw is an Indian entrepreneur. She is the chairman and managing director of Biocon Limited, a biotechnology company based in Bangalore, India and the current chairperson of IIM-Bangalore

BACK GROUND

• Syngene International Limited is an India-based contract research and manufacturing company.

• The Company offers a suite of integrated, end-to-end discovery and development services for molecular entities (NMEs) across industrial sectors, including pharmaceutical, biotechnology, agrochemicals, consumer health, animal health, cosmetic and nutrition companies

• Bristol Myers Squibb, Abbott Laboratories (Singapore) Pte. Ltd and Baxter International Inc. are three of its major clients. It also has smaller clients such as Achillion Pharmaceuticals Inc., Aquinox Pharmaceuticals Inc. and Saniona AB.

HIGHLIGHTS

• Clinigene is the clinical trials subsidiary of Syngene, which accounts for less than 10% of its revenue.

• Syngene has so far developed monoclonal antibodies, glycoproteins, complex proteins, conjugated proteins in E. coli and Chinese hamster ovary cells.

• The contract research provider has 2,685 employees, of whom 2,122 are scientists, with an average age of less than 28 years. 24% of revenue, or Rs.200 crore, went toward employee benefits in the year ended March.

HIGHLIGHTS• Seventy percent of its revenue comes from the top 10 clients.

Bristol Myers Squibb alone contributes 30%. These clients have long-term contracts.

• It has 400 scientists working exclusively for Bristol Myers Squibb. It also has 150 scientists for Baxter and 30 scientists for Abbott..

• Syngene has 900,000 sq. ft of work space in Bengaluru and is also in the process of setting up a 200,000 sq. ft research centre and a manufacturing facility.There is a reservation for retail participation to encourage the small investors to take part in IPOs

RECOMMENDATION

• Expected target price • 3 months – Rs.426

• 12 months – Rs.527

• Returns• 1 week High 390 – Low 348

• 1 month High 393 – Low 360

• 3 months High 396 – Low 316

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