ACG, integrated pharma manufacturing solutions provider announced the acquisition of a significant stake in Mumbai-based start-up IQGEN-X, a contract research organisation (CRO) delivering niche and complex drug development technologies for the pharma industry.
The move sees ACG expanding further into the R&D side of drug development. 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. The funds infused by ACG will be utilised for setting up a cGMP facility and also the development and filing of new ANDAs.
“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 specialisation that has been recognized globally by WHO and the US FDA. 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,” said Karan Singh, MD, ACG.
Dr Mandar M Kodgule, Chairman & CEO, IQGEN-X commented, “We at IQGEN-X are delighted to have ACG as a 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 the growth of both companies.”