Meteoric to set up Rs.20 cr R&D unit in Hyderabad

Hyderabad: Gujarat-based Meteoric Biopharmaceuticals on Tuesday announced its plan to open a research and development centre for its microbiology and enzyme portfolio, either in Telangana or Andhra Pradesh, at an investment of Rs 20 – 25 crore, by the end of 2023. Here, the biopharma major will employee 20 -25 scientists for innovation of new products.

A B2B company, Meteoric Biopharmaceuticals manufactures and markets enzymes and enzymatic preparations. As a contract manufacturer the company has domestic and international clients across food, pharma, agro, cosmetics, among others. Meteoric Biopharmaceuticals has two production facilities and two functional labs /R&D centre in Gujarat. Speaking about shifting its innovation centre to South, Gaurav Kaushik, Managing Director and CEO, Meteoric Biopharmaceuticals said, "As the ruling government in Telangana is supportive of new companies, we paid a visit to Genome Valley in Hyderabad for establishing our new R&D centre. We will finalise between Telangana and Andhra Pradesh soon, however, our first preference is Hyderabad." The company recently partnered with a Hyderabad-based company to produce a vegan-based enzyme product. Also, Meteoric tied up with another Hyderabad-based company for the launch of a vaccine developed utilising extractions from plants. "Our collaboration with companies from this city has motivated us to bring our R&D centre to Hyderabad. If we are able to further grow through our presence here, we will probably shift our innovation centre to this State from Gujarat," the CEO added. Kaushik further said that the innovation centre which will be set up by the end of 2023 will come up at an investment of Rs 20 – 25 crore. And, 20 – 25 scientists will be hired for scientific innovation.

Meteoric Biopharmaceuticals closed the last financial year with earnings of Rs 130 crore. "This FY our target is garnering revenue of Rs 180 – 200 crore. We expect this growth to come from our newly opened US office. With positive growth in revenue, we will increase our spending towards R&D from the current 12 per cent to 20 per cent," Kaushik informed.