New Delhi, Jul 22 (PTI) Asia-focused private equity firm PAG on Thursday said it has reached an agreement to acquire a controlling stake in Acme Formulation Pvt Ltd (Acme) for USD 145 million (around Rs 1,054 crore).
Acme is a leading contract development and manufacturing outsourcing (CDMO) company with a focus on complex pharmaceutical products, PAG said in a statement.
Viral Shah, the founder of Acme, will retain a significant minority stake in the company and continue as Managing Director and CEO, it added.
'Acme has a great reputation for high-quality manufacturing, as well as 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,' Nikhil Srivastava, Partner and Managing Director, Head of India private equity at PAG said.
'PAG, with its strong track record in pharmaceutical investments, is the ideal partner to help Acme grow even further in the years ahead,' Shah said.
Acme 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, the statement said. PTI AKT MR MR