Bristol Myers Squibb, a renowned biopharmaceutical company, has inaugurated a new facility aimed at bolstering its global drug development, information technology, and digital capabilities.

With an investment exceeding $100 million, the facility is poised to accommodate over 1,500 employees.

In a statement released on Monday, the company hailed the new site as a pivotal expansion of its global footprint, destined to serve as a beacon of innovation.

The inauguration ceremony witnessed the presence of Telangana Industries and IT Minister D Sridhar Babu, alongside Christopher Boerner, Chief Executive Officer, and Greg Meyers, Chief Digital and Technology Officer of Bristol Myers Squibb.

Christopher Boerner emphasised the significance of the new innovation hub in Hyderabad, highlighting its role in expediting drug development processes and enhancing the company's digital capabilities.