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1 October 2021

PAG Acquires Control of Acme Formulation Private Limited


Mumbai, 1 October 2021 – PAG, a leading Asia-focused private equity firm, announced today that it has invested $145M (~INR 1,054 crore) to acquire a controlling stake in Acme Formulation Private Limited (“Acme”) and is partnering with Mr. Viral Shah, Acme’s founder, who will retain a significant minority stake in the company and continue as Managing Director and CEO. Acme is a leading contract development and manufacturing outsourcing (CDMO) company with a focus on complex pharmaceutical products. This marks the second transaction by PAG in the healthcare sector in the past 12 months.

Founded in 2005, 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.

Nikhil Srivastava, Partner and Managing Director, Head of India private equity at PAG said: “We are extremely pleased with the rapid closing of this transaction and are eager to begin 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. Acme has a strong, execution-oriented leader in Viral Shah, and we are looking forward to working with him to help accelerate Acme’s already significant growth.”

Viral Shah, Founder, CEO and Managing Director of Acme, said: “In PAG, Acme has a great partner that shares our long-term focus and agile, solutions-oriented approach. With PAG’s support, we look forward to developing new partnerships, markets and products that will drive our future growth.”

PAG is currently investing out of its US$6 billion PAG Asia III buyout fund, with a strong commitment to invest in the Indian market. In the last 12 months, PAG has invested more than $750 million in India across multiple strategies. Its 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).


About PAG

PAG is a leading Asia-focused private investment manager, with strategies including private equity, absolute returns, and real estate. PAG employs more than 200 investment professionals in 11 key offices, and currently manages US$45 billion in capital on behalf of institutional investors from Europe, North America, Asia, Australia and the Middle East. For more information, please visit


About Acme

Acme is a leading provider of contract manufacturing and R&D services to some of the top Indian and global pharmaceutical companies. The Acme group has three EU GMP-approved manufacturing sites and owns a U.S. FDA-approved sterile injectables facility through its subsidiary Immacule Lifesciences Private Limited. In addition, Acme is one of the leading producers of the thyroid treatment product Levothyroxine and female reproductive healthcare products. Based in Himachal Pradesh, India, Acme Formulation and its subsidiaries employ more than 2,300 people. For more information, please visit  


For more information, please contact:


Tim Morrison

Mob: +852 9630 2383


Apurv Gupta

Mob: 98926 60381




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