Insulin maker GeneSys to invest $50-60 mn to set up plant in Hyderabad

Biotech company GeneSys Biologics Pvt Ltd plans to invest US$50-60 million to construct a new large-scale bulk manufacturing facility in Genome Valley here to produce insulin analogs.

Insulin analogs (medical insulin which are altered forms of the human insulin hormone) will be produced in the recombinant bulk manufacturing facility where purified bulk insulin will be derived through fermentation.

An official press release stated that the Hyderabad-based company has already invested nearly US$50 million in its Genome Valley plant.

Telangana Information Technology and Industries Minister KT Rama Rao expressed his delight with GeneSys’ expansion plans saying that it will not only contribute to the growth of the biotechnology sector in Hyderabad, but will also facilitate the company’s continued collaboration with US-based Civica Rx.

GeneSys has partnered with Civica Rx, a not-for-profit generic drug company, to manufacture and distribute affordable insulin.

The minister congratulated the two companies because their efforts will contribute to addressing the insulin affordability crisis and improving the lives of diabetics.

Genesys is focused on developing and manufacturing “high-quality, affordable medicines, including multiple insulin analog biosimilars,” the statement said, adding that the company currently employs about 250 employees and expects to add approximately 300 jobs to its new facility.

Meanwhile, Rama Rao, who is currently on a US tour for business meetings and roundtables, met CEOs of more than 30 companies in Washington D.C. to pitch to IT companies to set up shop in Telangana’s second-tier cities.

Another press release said it was highlighting the growth of information technology in Telangana’s tier-two cities and explaining the measures taken by the state government to support the sector, in order to get US companies to start operations in the state.

Rama Rao also participated in the Space and Defense Roundtable in Washington, DC. The event witnessed the participation of major American and consulting companies, think tanks and startups, creating a dynamic platform for discussion and cooperation.

At the round table, the Minister presented the impressive growth of private sector aviation and defense investments in Telangana in the past nine years, which he said has made Hyderabad the most preferred investment destination for US aerospace and defense companies.