pag: PAG invests $ 145 million to acquire majority stake in pharmaceutical company

MUMBAI: PAG, a leading Asian-focused private equity firm, announced that it has invested $ 145 million (~ Rs 1,054 crore) to acquire a controlling stake in Acme Formulation Pvt Ltd, a development firm Contracts and Manufacturing Outsourcing (CDMO), which makes pharmaceuticals complex.
The PE company will partner with Acme founder Viral Shah, who will retain a significant minority stake in the company and continue as chief executive and CEO, according to a company statement.
This is PAG’s second healthcare transaction in 12 months.
Founded in 2005, Acme provides contract development and manufacturing services to major national and global pharmaceutical companies. The company focuses on products such as sterile injectables, hormones and other complex oral solid formulations.
Nikhil Srivastava, Partner and Managing Director, Head of Private Equity India at PAG, said: “We are extremely pleased with the rapid closing of this transaction and look forward to starting our partnership with Acme. The company has built a reputation for high quality manufacturing, as well as a leading presence in several attractive market segments. ”
Viral Shah, Founder, CEO and Managing Director of Acme, said, “With the support of PAG, we look forward to developing new partnerships, markets and products that will drive our future growth.
PAG is currently investing in its $ 6 billion PAG Asia III buyout fund, with a firm commitment to invest in the Indian market.
In the past 12 months, PAG has injected more than $ 750 million into India through several strategies. Its latest transactions include investments in Edelweiss Wealth Management of India’s largest wealth advisory firms, and Anjan Drug, a manufacturer of active pharmaceutical ingredients.

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