Asia-focused private equity firm PAG is set to collect first round bids for the sale of Indian pharmaceutical company Acme Formulation, by mid-April, said two sources familiar with the situation.

Marketing materials have been distributed to several companies, with the majority being circulated to strategic investors, one of the sources said.

European and Japanese pharmaceutical strategic players are among the potential bidders for the Himachal Pradesh -based contract development and manufacturing organization (CDMO) business, the sources said.

Mid-sized European strategics have shown interest in the business as they need capacity outside Europe and diversification. It also received inbound interest from Japanese strategic companies, the first source said.

Platinum Equity Partners, the private equity firm which owns oral solid dosage (OSD) business portfolio Inventia Healthcare, is also seen as a logical bidder, he added.

PAG is working with Avendus to explore the sale of its controlling stake in Acme Formulation, this newswire reported in December 2025. With expected deal value of USD 200m and USD 250m, global private equity firms like Platinum Equity Partners and TA Associates are among the potential bidders, the report said.

In July 2021, PAG acquired an undisclosed controlling stake in Acme Formulation for USD 145m, according to its announcement. Acme’s founder Viral Shah retained a significant minority stake in the company, continuing as managing director and CEO post-deal.

Founded in 2004, the Himachal Pradesh-based Acme provides contract development and manufacturing services for oral solid and sterile dosage forms in the pharmaceutical industry, as per its website. It owns a USFDA-approved sterile injectables facility through its subsidiary Immacule Lifesciences. Acme has three manufacturing sites approved under the European Union’s Good Manufacturing Practices (EU GMP).

The company generated revenue of INR 5.7bn (USD 62.4m) for the fiscal year of 2025 ended March 2025, according to the Tracxn database.

PAG, Avendus and Acme Formulation did not respond to requests seeking comments.