BDR Pharma to acquire controlling stake in Acme’s oral formulations business from PAG

BDR Pharma will acquire a controlling stake in the oral solid formulations business of Acme Formulation Private Limited and its subsidiaries from existing shareholders led by private equity investor PAG, as the pharmaceutical company looks to strengthen its contract development and manufacturing organisation (CDMO) platform and expand its presence in international markets.

The acquisition will strengthen BDR Pharma’s capabilities in thyroid therapies, female sex hormones and general pharmaceutical products, complementing its existing focus on oncology, critical care and women’s healthcare. The company also sees opportunities to leverage Acme’s manufacturing infrastructure and product portfolio to expand its presence in the US market.

o3 Capital acted as the exclusive financial advisor to BDR Pharma on the transaction. Financial details of the deal were not disclosed. “We have been on a strong growth trajectory driven by strategic investments, innovation and an expanding global ambition. Acme will further strengthen our CDMO platform and add differentiated capabilities. We see this as part of a larger growth roadmap, with more strategic initiatives expected as we continue to build and expand our global presence,” said Dharmesh Shah, Chairman and Managing Director of BDR Pharma.

BDR Pharma eyes expansion in US market

The acquisition will provide BDR Pharma with specialised manufacturing capabilities in women's healthcare and thyroid therapies without overlapping with its existing areas of focus.

The company also plans to leverage Acme’s capabilities alongside its recently acquired portfolio of Abbreviated New Drug Applications (ANDAs) and products for the US market. Acme’s USFDA-approved manufacturing sites and available capacity are expected to support the gradual transition towards commercialising BDR Pharma’s own product portfolio, strengthening its position across the pharmaceutical value chain and expanding its US presence.

PAG to focus on sterile injectables business

Following the transaction, PAG and Viral Shah will retain full ownership of Immacule, a contract manufacturing business focused on sterile injectables. PAG said it would sharpen its focus on scaling Immacule into a global sterile injectables platform.

“We are proud of what Acme has become during our partnership. This transaction reflects the strength of the platform we have built with Viral and the Acme team, and we believe that BDR Pharma is the ideal owner to take it to the next level. We will now sharpen our focus on building Immacule into a leading global sterile injectables platform,” said Nikhil Srivastava, Partner and Co-Head of Private Equity at PAG.

Immacule operates two manufacturing facilities at Nalagarh, Himachal Pradesh, with a combined investment of around $100 million and a workforce of approximately 750 employees. Its second facility, recently commissioned, has added dedicated manufacturing lines for vials, ophthalmic products, pre-filled syringes, cartridges and oncology products, taking its annual capacity to more than 200 million units.

The company serves over 30 Indian and global pharmaceutical companies and supplies more than 50 globally approved products, with a focus on the US market. “Acme has been built on long-standing customer relationships and a committed team. BDR Pharma’s strength in new and complex medicines will bring more innovative products to Acme’s CMO and CDMO clients, existing and new, across geographies. I will work closely with BDR Pharma for a smooth transition, while I focus on growing Immacule,” said Viral Shah, Founder of Acme and Managing Director of Immacule.