PAG, a leading Asia-focused private equity firm, has acquired a controlling stake in Acme Formulation, a leading contract development and manufacturing outsourcing (CDMO) company with a focus on complex pharmaceutical products, said a company statement.
PAG will invest $145 million (Rs1,054 crore) to acquire a controlling stake in the company. Founded in 2005 by Viral Shah, Acme provides contract development and manufacturing services to major Indian and global pharmaceutical companies.
The firm focuses on products such as sterile injectables, hormones, and other complex oral solid formulations.
Shah will retain a significant minority stake in the company and continue as managing director and CEO of Acme, added the statement.
“Acme has a great reputation for high-quality manufacturing, as well as a leading presence in attractive markets including sterile injectables,” said Nikhil Srivastava, Partner and Managing Director, Head of India private equity at PAG.
PAG is currently investing out of its $6 billion PAG Asia III buyout fund.
PAG’s latest deals include investments in Edelweiss Wealth Management, and Anjan Drug, manufacturer of active pharmaceutical ingredients (APIs).