BDR Pharma is stepping up its global expansion drive with the acquisition of a controlling stake in the oral solid formulations business of Acme Formulation Private Limited and its subsidiaries from existing shareholders led by private equity firm PAG.

 

The strategic acquisition is expected to strengthen BDR Pharma’s contract development and manufacturing organisation (CDMO) platform, expand its presence in specialised therapeutic segments and create fresh opportunities in international markets, particularly the US.

 

The deal brings complementary manufacturing capabilities in thyroid therapies, female sex hormones and general pharmaceutical products into BDR Pharma’s portfolio, aligning with its growth priorities across oncology, critical care and women’s healthcare.

 

o3 Capital acted as the exclusive financial advisor to BDR Pharma on the transaction.

 

“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.

 

Beyond expanding its manufacturing capabilities, the acquisition gives BDR Pharma an opportunity to capitalise on its recently acquired portfolio of Abbreviated New Drug Applications (ANDAs) and products for the US market.

 

Acme’s USFDA-approved manufacturing facilities and available production capacity are expected to support the gradual transition towards commercialising BDR’s own product portfolio. This could strengthen the company's position across the pharmaceutical value chain, broaden its product offerings and deepen relationships with customers in the US.

 

The acquisition also adds specialised manufacturing capabilities in women’s healthcare and thyroid therapies without significantly overlapping with BDR Pharma’s existing areas of focus.

 

While PAG and Viral Shah are exiting the oral solid formulations business, they will retain full ownership of Immacule, one of India's leading sterile injectable-focused contract manufacturing businesses.

 

The move will allow PAG, Viral Shah and the Immacule management team to concentrate on scaling the sterile injectables platform and expanding its global footprint.

 

“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 in Nalagarh, Himachal Pradesh, built with a combined investment of approximately US$100 million and employing around 750 people.

 

The company has recently commissioned its second facility, adding dedicated manufacturing lines for vials, ophthalmic products, pre-filled syringes, cartridges and oncology products. The expansion takes its annual production capacity to more than 200 million units.

 

Immacule serves over 30 Indian and international pharmaceutical companies and supplies more than 50 globally approved products, with a particular focus on the US market. Its capabilities span liquid and lyophilised vials, pre-filled syringes, cartridges and other sterile injectable formulations.

 

Acme founder Viral Shah will work closely with BDR Pharma to ensure a smooth transition of the business while shifting his attention towards growing Immacule.

 

“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.

 

The transaction marks a strategic realignment of the businesses, with BDR Pharma strengthening its oral solid formulations and CDMO capabilities while PAG and Viral Shah double down on the fast-expanding sterile injectables segment through Immacule.

 

For BDR Pharma, the acquisition represents another step in its broader ambition to expand its global pharmaceutical footprint, strengthen its specialised manufacturing capabilities and move further towards owning and commercialising a wider portfolio of products.