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After Edelweiss Wealth deal, private equity fund PAG acquires CDMO player Acme Formulation for $145 million

Following the Acme acquisition, PAG will have completed investments of over half a billion dollars in India. PAG’s latest deals include investments in Edelweiss Wealth Management, one of India’s largest wealth advisory firms, and Anjan Drug, a leading manufacturer of active pharmaceutical ingredients (APIs).

July 22, 2021 / 02:58 PM IST

PAG, a leading Asia-focused private equity firm on July 22 said it has reached an agreement to acquire a controlling stake in Acme Formulation (Acme), leading contract development and manufacturing outsourcing (CDMO) company with a focus on complex pharmaceutical products. PAG will invest around $145 million (roughly Rs 1,054 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. It exports to more than 40 countries and is a trusted partner for some of the world’s leading pharmaceutical companies. Shah will retain a significant minority stake in the company and continue as Managing Director and CEO of Acme.

Nikhil Srivastava, Partner and Managing Director, Head of India private equity at PAG said: “Acme has a great reputation for high-quality manufacturing, as well as a leading presence in attractive markets including sterile injectables. We are excited to partner with Acme’s inspiring founder Viral to further accelerate the company’s growth.”

Viral Shah, founder, CEO and Managing Director of Acme, said: “Acme’s success so far has been built on three principles: our focus on innovation, our commitment to customer service, and our ability to meet the highest international standards for quality manufacturing. PAG, with its strong track record in pharmaceutical investments, is the ideal partner to help Acme grow even further in the years ahead.”

PAG is currently investing out of its $6 billion PAG Asia III buyout fund, with a strong commitment to investing in the Indian market since 2019. Following the Acme acquisition, PAG will have completed investments of more than half a billion dollars in India. PAG’s latest deals include investments in Edelweiss Wealth Management, one of India’s largest wealth advisory firms, and Anjan Drug, a leading manufacturer of active pharmaceutical ingredients (APIs).
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