Davos [Switzerland], May 24 (ANI): Spain headquartered Chemo Pharma, on the first day of the World Economic Forum, announced an investment of over Rs 100 crore in the creation of the second line in their production area in Hyderabad for the production of pharmaceutical finished dosage forms.

Telangana IT and Industries Minister KT Rama Rao, who is leading the Telangana delegation to WEF- 2022, held a series of meetings with various industry leaders at the Telangana pavilion and many companies have come forward to invest in Telangana after their meetings with the Minister, an official release said here on Monday.

In 2021, the company has established additional QC and stability labs in their facility in Hyderabad and now is gearing towards commencing commercial operations utilizing upcoming line 2 in production.

The company is also planning to initiate a new active pharmaceutical ingredient and RD centre in Hyderabad, along with continuing new product development activities in solids and injectable in Genome Valley here, the release said.

The announcement was made after KT Rama Rao's meeting with the leadership of Chemo Group- Dr Jean Daniel Bonny, RD Director - Pharmaceuticals Generics Business at World Economic Forum, Davos. Jayesh Ranjan IAS, Principal Secretary, Industries and Commerce Department and Shakthi M Nagappan, Director Lifesciences, Government of Telangana were also present during the meeting.

Chemo India Formulation started its operations in Genome Valley, Hyderabad in 2018 with Research, development and manufacturing of pharmaceutical finished dosage forms with specialisation in oral dosage formulations. Since then, the company has witnessed tremendous growth and invested around 170 crores till now along with employment creation of around 270 people, added the release.

Dr Jean briefed the Minister that Chemo India Formulation has been making significant contributions to global operations. The company has taken up around 25 new development projects in solids and 12 new development projects in injectables. Some of the products are getting approvals in EU region and the entity in Spain is now working towards commercializing some of these products.

A global stability programme has also been initiated in Chemo India and the installed capacity is 800 samples per month. Going forward, Chemo India Formulation will work toward strengthening the global stability program and continue to add value to global operations.

Chemo is part of the Spanish multinational Insud Pharma, which has been operating for over 40 years and has a team of 7,000 professionals worldwide. Chemo is a sector leader in the research, development and manufacturing of a broad variety of APIs and a full range of Finished Dosage Forms for both human and veterinary.

Globally, Chemo has around 10 manufacturing plants, more than 1,100 clients, 10 RD centres, and more than 100 APIs and finished dosage forms.

KT Rama Rao said, "I am delighted that Chemo, a leading pharmaceutical company, is continuing to grow from Hyderabad. This is indeed a testament to the life sciences ecosystem in the city and Genome Valley." (ANI)