ACG Takes Stake in Drug Development Start-up
India’s ACG, a provider of pharmaceutical packaging, engineering equipment and inspection systems, has acquired a “significant” stake in compatriot start-up Iqgen-X, a contract research organization (CRO) that delivers niche and complex drug development technologies for the pharmaceutical industry.
Financial terms and the size of the stake were not disclosed.
The deal strengthens ACG’s drug development R&D capabilities and intellectual property. For Mumbai-based Iqgen-X, the funds from the takeover will enable it to fast-track research on existing abbreviated new drug applications (ANDAs) and also establish a cGMP pilot plant in addition to its existing R&D facility.
“Iqgen-X’s excellent track record in patents and Abbreviated New Drug Applications 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 ACG’s managing director Karan Singh. “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."
Mandar Kodgule, chairman & CEO of Iqgen-X, added that the partnership “will open several other opportunities which will accelerate growth of both companies.”
Established in October 2016, Iqgen-x said its vision is to use innovative research and technology to produce high quality, affordable, safe and effective medicines. The company’s aim is to grow from a CRO to a fully integrated pharmaceutical company.
Author: Elaine Burridge, Freelance Journalist
