On the first day of the official tour in the United States of America, the Telangana delegation was successful in striking a major investment deal for the State. The Telangana delegation led by IT and Industries Minister KTR held a fruitful meeting with the heads of Chemveda Life Sciences in San Diego, USA today. After the meeting, the firm announced an investment of Rs 150 Crores for expansion of its footprint in Hyderabad.
Chemveda Life Sciences is a Hyderabad & San Diego headquartered mid-sized contract research organization that provides solutions to the pharmaceutical, biotechnology, agrochemical industries, and academia.
In the last five years, with two R&D sites, an area of over 65,000 sq ft and a manufacturing facility spread over eight acres, Chemveda Life Sciences has expanded from 45 employees in 2017 to over 450 employees. The company saw a lot of growth opportunities further in Hyderabad because of the growing life sciences industry
Chemveda Life Sciences now will invest an additional INR 150 crores (USD 20 Million) to add a state-of-the-art R&D center in Hyderabad with around 200,000 sqft, creating additional employment for 500 scientists. They have already received a funding of INR 90 crores (USD 12 mn) and another INR 60 crores (USD 8 mn) is committed funding. The company announced that it will add a GMP facility with a 200 KL capacity.
Chemveda is also validating some of the game-changing scientific platforms and technologies developed at the Scripps Research Institute (ranked one of the top institutes in the world for innovation), which will allow the Pharma and Biotech companies to make molecules much simpler and faster than the conventional methods.
Minister Mr. K.T Rama Rao said that “Hyderabad has become the most sought after destination for life sciences companies to establish their R&D centers and I am extremely happy to see companies like Chemveda Life Sciences scale their footprint in Hyderabad. I am delighted to see the industry benefiting from the active research ecosystem, progressive Government policies, abundant talent pool, in Hyderabad and we will continue to boost the R&D initiatives in the state further”
“Hyderabad is one of the most preferred global destinations for Pharma and Biotech companies to seek contract research support. We feel privileged to be a part of one of the most cost-competitive and extensive ecosystems to run life sciences R & D, “ said Dr. Bheema Rao Paraselli, President & CEO of Chemveda. “Our vision to be a smart market challenger is not only supported by our Indian and Western-trained scientists, but also by thought leaders like Prof. K. C. Nicolaou, Prof. Phil S Baran, and Prof. Jin-Quan Yu at the Scripps Research Institute” he added.
Mr. Jayesh Ranjan IAS, Principal Secretary, Industries and Commerce Dept. and Mr. Shakthi M Nagappan, Director Lifesciences, Government of Telangana were also present during the meeting.
By Gollapudi Srinivasa Rao