Bristol Myers Squibb, a leading biopharmaceutical company, will invest Rs 800 crore in establishing a state-of-the-art site in Hyderabad to expand its global drug development and IT capabilities, according to a Telangana government press release.

The announcement came following a meeting between Telangana Minister KT Rama Rao and Samit Hirawat, Executive Vice-President, Global Drug Development at BMS, who is in town for BioAsia 2023.

The company intends to begin operations in Hyderabad later in 2023, with the potential to employ approximately 1,500 people over the next few years in cutting-edge R&D and digital activities.