Bristol-Myers Squibb announces $100 mn investment in Hyderabad

HYDERABAD: US-based Bristol-Myers Squibb, a global biopharmaceutical company has announced to invest 100 million USD (nearly Rs 820 crore) in Hyderabad to set up its first Science, Technology and Innovation Centre in India.

The company signed an MoU with the Telangana government to this effect 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 this company, which is one of the most innovative and world leading biopharmaceutical companies, has chosen Hyderabad. I strongly believe this partnership with BMS is a strategic one. I am confident that the centre will provide a great opportunity for our talent pool to engage in some highly impactful work,"  Rama Rao said.

The minister requested the company management to consider setting up 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," adding that Hyderabad was an instant choice to locate the innovation centre due to 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, cardiovascular among others. The innovation centre to be set up in Hyderabad diverse professionals including from IT, physicians, medical writing experts among others," Hirawat said.