Swiss firm Ferring Pharmaceuticals will invest $250 million to set up a state-of-the art research and development laboratory and manufacturing facility in Genome Valley, Hyderabad.It plans to implement the project in three phases. An estimated Rs. 235 crore is to be invested in the first phase itself, said a release from Industries and IT Minister K.T. Rama Rao’s office, who participated in the ground breaking ceremony for the facilities, on Saturday.Minister KT Rama Rao participated in the ground-breaking ceremony of Ferring Laboratories at Genome Valley today. Mr EV Narsimha Reddy, Vice Chairman & Managing Director, TSIIC and Mr Shakthi Nagappan, Director, Life Sciences, also participated.
Ferring Pharmaceuticals is a Multinational Pharmaceutical company headquartered in Switzerland. Ferring is expanding its Indian operations by establishing a state of the art Pharmaceutical R&D and Manufacturing facility in Telangana. A Rs. 2 billion research-driven speciality biopharmaceutical group, Ferring is a leader in reproductive medicine and women’s health with strong presence in specialty areas within gastroenterology and urology. The group is headquartered in St. Prex, Switzerland, with a clutch of manufacturing facilities across Europe, North America, South America, China and India marketing its products in over 110 countries.
Ferring project in Hyderabad will result in a total capital investment of about Rs. 235 crores and provide direct employment opportunities in Pharmaceutical Research and Development and Manufacturing sector. Ferring has joined an elite list of European pharma majors to invest in Genome Valley, which has emerged as one of the leading life sciences clusters in Asia. Genome Valley 2.0 will attract a range of global companies into the cluster helping the State consolidate its position as the undisputed leader in the life sciences sector.
CEO of Ferring India Suresh Pattathil said Ferring’s association with Hyderabad began after the Group chairman Fredrick Paulsen expressed a strong interest in investing in the city on the back of progressive governance and forward-looking industry policies and presence of the right infrastructure, skilled manpower pool for R&D and manufacturing which are conducive to new business investments.
The new facility would add to the group’s global R&D capabilities and cater to building a pool of novel research for emerging healthcare challenges around the world, he said. Welcoming Ferring to Genome Valley, Mr. Rao said the firm joins an impressive list of companies who are present in the cluster. He remarked that the street there could be named as European Avenue given the presence of almost all top European firms, including Novartis, GSK, Chemo and Lonza.
