India's Syngene aims to build $100M API, chemicals plant

Syngene International, the contract research arm of India's Biocon, said it will build a $100 million facility in the country's Mangaluru Special Economic Zone to make ingredients for pharmaceuticals and chemicals for the agricultural sector.

The 40-acre plant will start construction next year and chief operating officer, Manoj Nerurkar, said the company was awaiting regulatory permission to start the project, according to a report in the Times of India.

Construction is expected to take at least four years and once completed the facility will be used as a large-scale manufacturing plant for novel small molecules. The facility is expected to employ about 500 people, according to the report.

Syngene currently works with about 150 clients globally like Bristol-Myers Squibb ($BMY), Endo Pharmaceuticals ($ENDP) and Abbott Nutrition, a unit of Abbott Laboratories ($ABT).

- here's the story from the Times of India