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22 Jul 2021

PAG to Acquire Control of Acme Formulation Private Limited

Mumbai, 22 July 2021 – PAG, a leading Asia-focused private equity firm, announced today it has reached an agreement to acquire a controlling stake in Acme Formulation Private Limited (“Acme”), a leading contract development and manufacturing outsourcing (CDMO) company with a focus on complex pharmaceutical products. PAG will invest ~US$145 million (~INR1,054 crore) to acquire a controlling stake in the company.

Founded in 2005 by Mr. 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. Mr. 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 US$6 billion PAG Asia III buyout fund, with a strong commitment to invest 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).

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$40 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 Formulation Private Limited

Acme Formulation Private Limited is a leading provider of contract manufacturing and R&D services to some of the top Indian and global pharmaceutical companies. It has three EU GMP approved manufacturing sites. The company is one of the leading producers of the thyroid treatment product Levothyroxine and female reproductive healthcare products and owns a U.S. FDA-approved sterile injectables facility through its subsidiary Immacule Lifesciences Private Limited. 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