US-based Drug maker Bristol-Myers Squibb will invest $100 million in Hyderabad to set up its first science and technology innovation centre in India, which will support a range of its global drug development activities.

The company has entered into a Memorandum of Understanding (MoU) in this regard in the presence of Telangana MInister for Industries K T Rama Rao on Thursday. 

“A missing piece in our global presence is India. There is good talent here that can be harnessed,’‘ Samit Hirawat, Executive Vice President, Bristol-Myers Squibb said at the signing of the MoU today adding that Hyderabad was an instant choice to locate the innovation centre. 

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The proposed 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, adding: “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.’‘

Saying that he was ‘super thrilled’ to welcome Bristol-Myers Squibb to India in general and Hyderabad in particular, K T Rama Rao said Hyderabad was ideally suited for a mix of Information Technology and Biotechnology and pharma and life sciences companies could leverage this strength. 

“I have also requested Bristol-Myers Squibb to consider setting up a manufactuirng facility in Telangana,” he added.