Boston, MA 06/05/2014 (wallstreetpr) – Bristol-Myers Squibb Co (NYSE:BMY) and Syngene International, the research subsidiary of Biocon, the largest public-sector biotechnology company of India, announced that the two have extended the period of their drug development and discovery collaboration to five years. BMY did not reveal about the financial terms.
Partnership between Bristol-Myers Squibb and Syngene
Bristol-Myers Squibb Co (NYSE:BMY) and Syngene have been working together since the year 2007. Syngene International is the contractual research subsidiary of Biocon. Bristol-Myers Squibb and Syngene have been working together for the development of integrated capabilities in various sectors such as process and medicinal chemistry, biotechnology, biology, analytical research, drug metabolism, pharmacokinetics, biomarkers as well as pharmaceutical development in Bangalore at Biocon Bristol-Myers Squibb Research Center (BBRC).
Success of the Partnership
The collaboration between U.S.-India has led to the creation of six drug candidates, which will be used in further study. This partnership also benefited Bristol-Myers Squibb Co (NYSE:BMY) by helping it bring down the advancing new compounds. Through the partnership of the two companies, there has been the discovery of one drug candidate at BBRC.
Statement from the Director, Syngene International
The Director, Syngene International, Peter Bains said that the company was glad to extend till 5 years the development partnership with Bristol-Myers Squibb. The extension of the partnership, he said, was an epitome of strengthened existing collaboration.
Statement from Bristol-Myers Squibb’s Executive Vice President and Chief Scientific Officer
The Executive Vice President and Chief Scientific Officer of Bristol-Myers Squibb Co (NYSE:BMY) said that BBRC has extended its support to the nonclinical development of various small-molecule portfolio assets in a large proportion.
About the Biocon Bristol-Myers Squibb Research Center (BBRC)
The Biocon Bristol-Myers Squibb Research Center (BBRC) at the Biocon Park in Bangalore was jointly developed by Syngene and Bristol-Myers Squibb. Since its inception, BBRC has become the largest hub of research and development for Bristol-Myers Squibb Co (NYSE:BMY) outside the U.S. and it is also an abode of over 400 scientists.
