Biopharma major Bristol Myers Squibb is set to establish a state of-the-art site in Hyderabad to expand its global drug development and IT capabilities, the Telangana government announced via a press release. The company will make a investment of Rs 800 crore for the said facility.

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In a statement, BMS said that the operations are expected to begin in 2023. The company added that the facility will employ around 1,500 over the next few years. According to the company the manufacturing facility will be engaged in cutting-edge Research and Development and digital activities.

Samit Hirawat, Executive VP, Global Drug Development at BMS, who is in Hyderabad to participate in the BioAsia 2023 and met Telangana minister for IT and Industries KT Rama Rao during his visit. The announcement was made post the meeting. BioAsia is a flagship annual life sciences convention and this year's convention is set to be held from February 24 to 26.

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Hirawat said, "The Hyderabad site is a long-term strategic investment for BMS and we look forward to commencing operations later this year." Hirawat highlighted that the site in Hyderabad will create significant employment and economic opportunities locally.

Earlier on Tuesday, KT Rama Rao has said that the World Health Organisation will be setting up mRNA (messenger ribonucleic acid) vaccine hub in Telangana. Rama Rao stated that over $3 billion (nearly Rs 300 crore) worth of investments and trade took place during the past 19 editions of BioAsia. He said the latest edition is expected to see about 50 countries participating with the United Kingdom as the partner country and Flanders, the international partner region.

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