If you have an unflattened version (where the text is still a text layer in Photoshop), you can save as Photoshop PDF from within Photoshop. This will keep the text as vector and it will be smooth sailing from there on.
If the image looks fine on screen with 300 ppi and comes back pixelated, the guilty persons are at the other end - more so if the image is actually placed with a size <100% and therefor has it's effective resolution increased. Or maybe that is the problem? The effective resolution increased to 350 ppi (placing at 75%) and it got scaled down again to 300 ppi upon output (typical downsampling for prepress), leaving you with only 75% of the original's resolution (225 ppi).
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Modern PrePress is CSI: PDF.
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