iNDICA NEWS BUREAU-
A US-based clinical research organization Chemveda Life Sciences is all set to expand its presence in Hyderabad, India with an investment of $20 million.
On Monday, March 22, the company is planning to set up a new state-of-the-art research and development (R&D) center spread over 2 lakh sq ft that will create an additional 500 jobs for scientists.
The commitment — that could be touted as the first successful investment announcement made during Telangana industries & IT minister KT Rama Rao’s US visit — was made after KTR met the top honchos of the Chemveda in San Diego.
The company, headquartered at Hyderabad and San Diego, has already received a funding of Rs 90 crore ($12 million) and has got another Rs 60 crore ($8 million) in committed funding and it will be adding a GMP facility with a 200 KL capacity in Hyderabad, its officials told KTR who is leading a Telangana government delegation to the US.
Pointing out that Hyderabad has emerged as the most sought-after destination for life sciences companies to establish their R&D centres, KTR said he was “extremely happy to see companies like Chemveda Life Sciences scale their footprint in the city”.
“I am delighted to see the industry benefiting from the active research ecosystem, progressive government policies and abundant talent pool in Hyderabad and we will continue to boost the R&D initiatives in the state further.”
Dr Bheema Rao Paraselli, president and CEO of Chemveda said 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,” Dr Paraselli said.
Since it set up shop in Hyderabad in 2017, Chemveda has grown from a 45-employee firm to one employing over 450 now, by setting up two R&D sites in the Telangana capital spread over 65,000 sq ft and a manufacturing facility spread over 8 acres.
Telangana industries and commerce department principal secretary Jayesh Ranjan and Telangana life sciences director Shakthi Nagappan were also present during the meeting.
Chemveda Life Sciences is a mid-sized CRO that provides solutions to the pharmaceutical, biotechnology and agrochemical industries as well as academia. It is currently validating some game-changing scientific platforms and technologies, developed at the globally renowned Scripps Research Institute that are expected to help pharma and biotech companies develop molecules in a much simpler and faster manner than the conventional methods.