The Academy Award winner's daughter, Corinne Foxx, issued a statement on Instagram Wednesday revealing that the actor is recovering after facing a "medical complication" on Tuesday.

'We wanted to share that my father, Jamie Foxx, experienced a medical complication yesterday," shared Corinne in a statement written on behalf of the Foxx family.

"Luckily, due to quick action and great care, he is already on his way to recovery. We know how beloved he is and appreciate your prayers," the statement reads. "The family asks for privacy during this time."

A representative for Foxx did not immediately respond to PEOPLE's request for comment.

The 55-year-old actor was most recently seen on the set of the upcoming Netflix movie Back In Action, which also stars Cameron Diaz. The highly anticipated film will be the first big-screen project Diaz has starred in since 2014's Annie remake, which also featured Foxx.

While Netflix has been tight-lipped with details on the plot of Back in Action, an insider told PEOPLE that the Charlie's Angels actress and Foxx "have great chemistry" on set.

A film source previously revealed to PEOPLE that Foxx was instrumental in getting the actress to make another movie. "When this project came along and she was pursued by Jamie Foxx, who she has known and worked with for years, she decided to go for it," said the source.

Prior to the start of filming, the actor celebrated his birthday in December by posting a throwback black-and-white photo of himself as a child and reflecting on his childhood.

"Dis big head boy bday and thanks for all the bday shouts #sagseason if it's my birthday it's your birthday," he captioned the post.