Biotechnology company GeneSys Biologics Pvt Ltd is planning to invest USD 50-60 million to set up a new large-scale recombinant bulk manufacturing facility in Genome Valley here for the production of insulin analogues.
The insulin analogues (medical insulin that are altered forms of the human hormone insulin) will be produced in the recombinant bulk manufacturing facility in which purified bulk insulin will be derived through fermentation.
An official press release said the Hyderabad-based company has already invested approximately USD 50 million in its Genome Valley plant.
Telangana IT and Industries Minister K T Rama Rao expressed delight over the expansion plans of GeneSys saying it will not only contribute to the growth of Hyderabad's biotech sector but also facilitate the company's ongoing collaboration with US-based Civica Rx.
GeneSys has partnered with Civica Rx, a US non-profit generic drug company, to manufacture and distribute affordable insulin.
The minister congratulated both companies as their efforts will contribute to addressing the insulin affordability crisis and improve the lives of patients living with diabetes.
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GeneSys is focused on developing and manufacturing "high-quality, affordable medications, including multiple insulin analogue biosimilars," the release said, adding that the company currently employs about 250 personnel and anticipates adding approximately 300 jobs for its new facility.
Meanwhile, Rama Rao, who is currently on a US tour attending business meetings and roundtables, has met CEOs of more than 30 companies in Washington DC to pitch for IT companies to be set up shop in Tier-II cities of Telangana.
He has been highlighting the growth of IT in Telangana's Tier-II cities and explaining the measures taken by the state government to support the sector, in order to urge the US companies to start operations in the state, another press release said.
Rama Rao also participated in an aerospace and defence roundtable in Washington DC. The event saw the participation of prominent US majors, advisory firms, think tanks, and startups, creating a dynamic platform for discussion and collaboration.
At the roundtable, the minister showcased the spectacular growth of the aerospace sector and private sector defence investments in Telangana in the past nine years, which he said made Hyderabad the most-preferred investment destination for US aerospace and defence corporations.
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