Pharma manufacturing service provider ACG is making a move into the life science research biz by snapping up a large stake in Mumbai, India-based contract research organization IQGEN-X.
ACG said the “significant stake” (though a figure was not produced) is aimed at “augmenting R&D and IP in drug development” as the company expands further into the R&D side of drug development.
The new funds will also be directed toward setting up a cGMP facility as well as developing and filing of abbreviated new drug applications (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 specialization that has been recognized globally by WHO and the US FDA,” said Karan Singh, managing director of 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."