Aceto to make investment in India
US-based Aceto Corporation is to make an investment in India for the purchase or construction of a facility in or near Mumbai.
US-based Aceto Corporation is to make an investment in India for the purchase or construction of a facility in or near Mumbai.
The purpose of the new facility is to expand Aceto's capabilities in servicing the global pharmaceutical industry by establishing Indian headquarters, which will house state-of-the-art pharmaceutical quality control, quality assurance and analytical laboratories, and will also serve as the company's Indian logistics centre. This facility will also supply quality and analytical services in support of other Aceto operations worldwide.
Aceto plans to expand its current Indian sourcing and regulatory staff of 10 to include graduate-level analytical chemists and pharmacologists.
The company has also formed Aceto Pharma Corp., a wholly owned subsidiary, to market finished dosage form pharmaceuticals, both chemical and biopharmaceutical, under its own brand.
"One of the cornerstones of Aceto's strategic growth plan involves the development of our pharmaceutical business to include marketing finished dosage forms under the Aceto brand, directly into distribution channels," said Leonard S. Schwartz, chairman, ceo and president of Aceto,
"We believe this addition to our existing business will enhance the growth of the company's activities across the entire pharmaceutical industry. This business, as it develops, will supplement our existing pharmaceutical businesses, which include the distribution of APIs, biopharmaceuticals, pharmaceutical intermediates, nutritionals and diagnostics. In this regard, we believe it is vital to create more in-house capabilities and enhance our Indian presence."