Hyderabad, Jan 17 (IANS): Aragen Life Sciences has announced plans to expand its operations in Hyderabad with a new investment of Rs 2,000 crores, which is expected to create 1,500 new jobs.
The investment would help the firm further its existing facility in Mallapur, cementing Hyderabad’s position as the hub for drug discovery and development services in Asia.
The expansion is primarily targeted towards drug discovery, development and manufacturing activities for the global life sciences industry.
The announcement was made after Chief Minister A. Revanth Reddy's meeting with Manni Kantipudi, whole time Director and CEO, Aragen Life Sciences, at Davos on the sidelines of the ongoing annual meeting of the World Economic Forum (WEF).
The expansion of Aragen Life Sciences has further solidified Hyderabad's status as a hub for CROs (Contract Research Organisations) in India. Hyderabad serves more than 1,000 innovators globally in their efforts to discover and develop new drugs and devices.
Aragen boasts of more than 20 years of experience providing a range of contract research, development and manufacturing services across the drug development continuum, with a focus on early-stage discovery and development of new molecular entities (NMEs).
Chief Minister Revanth Reddy said that he is delighted that Aragen Life Sciences, a global leader in pharma, has chosen massive investment plans in Hyderabad. “This shows the new government’s resolve to build a next-level vibrant ecosystem, extraordinary infrastructure and showcasing our rich talent pool that can drive innovation to the works,” an official release quoted him as saying.
“We are excited about our five-year expansion plans and have decided to invest Rs 2,000 crore in Hyderabad, Telangana. Chief Minister Revanth Reddy garu’s leadership inspires confidence Hyderabad will consolidate its undisputed national status as headquarters for CROs and CDMOs over the years,” said Manni Kantipudi.
Hyderabad offers modern infrastructure, access to the best scientific talent in the country, a strong network of suppliers, and an ecosystem that allows for innovation in digital technologies, he added.