ACG, a leading supplier of integrated pharmaceutical manufacturing solutions announced acquisition of a significant stake in Mumbai-based start-up IQGEN-X.
The funds so infused by ACG will be utilized for setting up a cGMP facility and also the development & filing of new ANDAs.
The move sees ACG expanding further into the R&D side of drug development and supports a firm group-wide commitment to improving customer experiences throughout the supply and value chains.
“The investment by ACG also comes at a critical juncture when the Indian government is at the cusp of announcing a new policy to globally benchmark R&D ecosystem by incentivising innovation and science,” ACG said in its press release.
“IQGENX’s excellent track record in patents and Abbreviated New Drug Application (ANDAs) speaks for itself, and we look forward to benefitting from its niche technology, broad-based expertise and research specialization that has been recognized globally by WHO and the US FDA,” said Karan Singh, Managing Director, ACG. “For ACG, this partnership will immediately help expand our group capabilities, and will accelerate our innovation strategy of bold, disciplined investment and world class execution to drive sustainable long-term growth with drug companies in India and global markets.”
Commenting on the development, Dr Mandar M Kodgule, Chairman & CEO, IQGEN-X, said, “We at IQGEN-X are delighted to have ACG as partner whose strong global footprints and excellent operational capabilities, bring great synergy to IQGEN-X’s growth strategy. ACG’s strategic investment augments our technical expertise, portfolio strategy and corporate vision to create a robust portfolio of limited competition complex products for regulated markets. We believe that this partnership will open several other opportunities which will accelerate growth of both companies.”
IQGEN-X is a Contract Research Organisation (CRO) delivering niche and complex drug development technologies for the pharmaceutical industry. IQGENX was established in October 2016, with a vision of innovative research and technology to produce high quality, affordable, safe, and effective medicines. Its state-of-art R&D facility for niche and complex generic products, expertise in technology transfer, regulatory, IP and compliance, enables it to cater to US, European and other highly regulated markets.
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