Hyderabad

On day 1 of US tour, KTR and co. strike big investment deal

Contract research organisation Chemveda Life Sciences will expand its footprint in Hyderabad by setting up a research and development centre with around ₹150 crore ($20 million).

The proposed 2 lakh sqft facility, with a 200 KL capacity GMP facility, will create an employment for 500 scientists. The company has already received ₹90 crore ($12 million) funding and has a commitment for the remaining ₹60 crore ($8 million).

An announcement on the proposed investment followed a meeting that Industries Minister K.T.Rama Rao, who is in the US leading a delegation from the State government to promote Telangana and attract investments, had with the company’s senior leadership in San Diego. “On the first day of the official tour, the delegation was successful in striking a major investment deal,” the Minister’s office said in a release on Monday.

As a CRO, Chemveda provides solutions to pharmaceutical, biotechnology, agrochemical industries and academia. It has two R&D sites, on over 65,000 sq ft, and a manufacturing facility spread over eight acres. Since 2017, it has raised the headcount from 45 employees to over 450. The company is upbeat about the growth opportunities Hyderabad offers in the life sciences industry.

Chemveda is also validating some of the game-changing scientific platforms and technologies developed at the Scripps Research Institute, ranked as one of the top institutes in the world for innovation, which will allow the pharma and biotech firms to make molecules much simpler and faster than the conventional methods, the Minister’s office said.

“Hyderabad has become the sought out destination for life sciences companies to establish their R&D centres,” Mr.Rao said. The industry is benefiting from the active research ecosystem, progressive government policies and abundant talent pool in Hyderabad, he said.

“We feel privileged to be a part of one of the most cost-competitive and extensive ecosystems to run life sciences R&D,” Chemveda president and CEO Bheema Rao Paraselli said. Industries and IT Secretary Jayesh Ranjan and director-Lifesciences of Telangana government Shakthi M. Nagappan were present during the meeting.

Visit to Scripps

Mr.Rao also visited the Scripps Research campus and discussed with its leadership, the partnership between State government and Scripps for the upcoming Pharma University in Hyderabad Pharma City. It was proposed to establish a working group with the Scripps Research team to collaborate and learn from the success story of Scripps Institute in becoming a leading centre for innovation and science. Scripps Research has over 200 laboratories employing 2,400 scientists and personnel, making it the largest private, non-profit biomedical research organization in the U.S. and among the largest in the world, the Minister’s office said.


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Printable version | Sep 12, 2022 4:19:01 am | https://www.thehindu.com/news/cities/Hyderabad/on-day-1-of-us-tour-ktr-and-team-strike-big-investment-deal/article65247002.ece