Bristol-Myers Squibb to set up innovation centre in Hyderabad

Hyderabad: US-based Bristol-Myers Squibb, a global biopharmaceutical company, will invest $100 million (nearly Rs 820 crore) in Hyderabad to set up its first science, technology and innovation centre in India. The company signed a MoU with the Telangana government in the presence of industries minister K.T. Rama Rao here on Thursday.

"I am delighted to welcome Bristol-Myers Squibb to the vibrant ecosystem of Hyderabad. It is indeed a matter of pride that one of the world’s leading biopharmaceutical companies has chosen Hyderabad for their India debit. I strongly believe this partnership with BMS is a strategic one," Rao said while urging them to consider establishing a manufacturing facility in Hyderabad.

Samit Hirawat, executive vice-president, Bristol-Myers Squibb, said, "A missing piece in our global presence is India. There is good talent here that can be harnessed." He said that Hyderabad was an instant choice given the availability of required infrastructure, resources and manpower.

The Hyderabad innovation centre, which is likely to be operational by the third quarter of the next financial year, will have 1,500 professionals of different skill sets over the next three years, he said.

"Our mission is to develop specialty medicines in key areas such as oncology and cardiovascular," Hirawat said.