Infosys rallies over 1% on contract win with Prime Therapeutics

NEW DELHI: Infosys rallied as much as 1.2 per cent in trade on Friday, after the IT major said that it signed a three-year contract with Prime Therapeutics to set up a testing centre of excellence (COE) and consolidate the delivery of its application testing services.

At 10:00 a.m.; Infosys was trading 1.04 per cent higher at Rs 3262. It has hit a low of Rs 3232.25 and a high of Rs 3270 in trade today.

Prime Therapeutics is a pharmacy benefit manager (PBM), which generally process prescriptions for the groups that pay for drugs, like insurance firms and negotiate with drug makers and pharmacies.

Infosys Public Services, a US-based subsidiary of the country's second largest software services exporter, signed the contract with the PBM firm, PTI reported.

Prime Therapeutics also expects to expand the capabilities of its QA organisation and gain efficiencies in managing a large scale QA department, the report added.

As part of the contract, Infosys Public Services will consolidate and standardise Prime Therapeutics' QA and testing services, currently provided by multiple service providers.