Syngene International hit a new 52-week high today at Rs.510 and despite coming off this high, it remains firmly in the green, up over 5%.

This sudden new found love for the stock is on good news that the company’s new R&D facility for Amgen Inc, in Bangalore has finally been commissioned.

The objective of this facility, named Syngene Amgen Research and Development Center (SARC), the fourth such facility, is to meet Amgen’s functional requirements.

The company has said that with the establishment of SARC, this association now extends into a multi-discipline collaboration spanning capabilities in medicinal and process chemistry, biologics, bioprocess, drug metabolism, pharmacokinetics, bioanalytical research, and pharmaceutical development. The market is just happy because obviously it see’s a new facility as another new source of revenue.