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Bristol Myers Squibb, a world's leading biopharmaceutical company will establish a state of-the-art site here to expand its global drug development and IT capabilities with an investment of Rs 800 crore, a Telangana government press release said on Thursday. The announcement was made after Telangana Minister KT Rama Rao's meeting with Samit Hirawat, Executive Vice-President, Global Drug Development at BMS, who is in the city to participate in BioAsia 2023, it said.

The company plans to begin operations in Hyderabad later in 2023, with the potential over the next few years to employ approximately 1,500 people who will be engaged in cutting-edge Research and Development and digital activities, a BMS release said.

Rama Rao said, "I am delighted to welcome Bristol Myers Squibb to the vibrant ecosystem of Hyderabad. It is indeed a matter of pride that BMS, which is one of the most innovative and world leading biopharmaceutical companies, has chosen Hyderabad and I strongly believe this partnership with BMS is a strategic one."

Samit Hirawat, said, "The Hyderabad site is a long-term strategic investment for BMS and we look forward to commencing operations later this year. We are excited about the opportunity to diversify our company globally, which will position us to further accelerate our drug development, bolster our digital innovation capabilities, and advance BMS' mission to discover, develop and deliver innovative medicines that help patients prevail over serious diseases."

He further said the new BMS site in Hyderabad will also create significant employment and economic opportunities locally as we continue to grow our presence in the years ahead.