PAG invests $145M in CDMO firm Acme Formulation

PAG, a Mumbai-based private equity firm, has reached an agreement to acquire a controlling stake in Himachal Pradeshbased Acme Formulation, a contract development and manufacturing outsourcing (CDMO) company with a focus on complex pharmaceutical products. Acme focuses on products such as sterile injectables, hormones, and other complex oral solid formulations. It exports to more than 40 countries. PAG will invest $145 million to acquire a controlling stake in the company. The private equity firm 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).