According to the pharmaceutical major, ACG, this move will see its further expansion into the R&D facets of drug development and enhance customer experiences throughout the supply and value chains.
The company claims that the investment has also come 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 Abbreviated New Drug Applications (ANDA).
"IQGEN-X's excellent track record in patents and ANDAs speaks for itself, and we look forward to benefitting from its niche technology, broad-based expertise and research specialisation that has been recognised 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."
IQGEN-X was established in October 2016, with a vision to produce high quality, affordable, safe, and effective medicines. It boasts its R&D facility for complex generic products and expertise in technology transfer, regulatory, IP and compliance, which enables it to cater to US, European and other such markets.
Mandar Kodgule, chairman and CEO, IQGEN-X, said, "We are delighted to have ACG as a partner whose strong global footprints and excellent operational capabilities will bring great synergy to our 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."