BDR Pharma buys majority stake in Acme’s oral solids formulations business

Priyamvada C

BDR Pharmaceuticals International Pvt. Ltd is acquiring a controlling stake in Acme Formulation Pvt. Ltd’s oral solid formulations business and its subsidiaries from existing investors, including private equity firm PAG, the companies said in a statement on Monday.

The transaction is expected to value the business at about $250 million, according to a person familiar with the matter. O3 Capital acted as the exclusive financial advisor to BDR Pharma on the transaction.

The acquisition aligns with BDR’s growth priorities across oncology, critical care, and women’s healthcare, while creating opportunities to expand its product offerings in international markets.

A key strategic rationale for the acquisition is the addition of complementary capabilities across thyroid products, female sex hormone products and general pharmaceutical products.

“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,” said Dharmesh Shah, chairman and managing director of BDR Pharma.

“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.”

The acquisition deepens BDR Pharma’s CDMO platform without overlapping with its existing areas of focus, giving it a more specialized manufacturing base in women’s healthcare and thyroid therapies that complements its broader therapeutic footprint.

It also sees an opportunity to leverage the acquired capabilities alongside its recently acquired portfolio of Abbreviated New Drug Applications (ANDAs) and products for the US market. The manufacturing infrastructure and available capacity would enable it to progressively transition towards commercializing its own portfolio, enhancing its presence across the product value chain, supporting a broader product offering and building on durable customer relationships in the US market.

Founded in 2003, BDR Pharma is a global integrated complex generics platform with a growing presence in specialized therapies. Backed by Multiples Private Equity, the company’s capabilities span finished formulations and active pharmaceutical ingredients, supported by a diversified manufacturing footprint.

It partners with leading pharmaceutical companies across the country and international markets, including regulated and emerging markets. The company’s robust research and development capabilities are anchored by state-of-the-art infrastructure and a high-quality, growing base of scientific talent.

Having sold a controlling stake in the oral solids business, PAG and Acme’s founder, Viral Shah, will retain full ownership of Immacule, one of India’s leading sterile injectable-focused contract manufacturing businesses. “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 has recently commissioned a new facility with a capacity of over 200 million units per annum and provides a broad set of capabilities across dosage forms, including liquid/lyophilized vials, pre-filled syringes, and cartridges, as well as therapeutic areas such as oncology, ophthalmology, and general injectables.

“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, who is also the managing director of Immacule.

Priyamvada C

Priyamvada is a Mumbai-based business journalist at Mint. She writes about the public and private markets with a key focus on venture capital, private equity, M&As and private credit. Her coverage also spans startups and emerging businesses.<br><br>Over the last two years, she has uncovered some of the largest deals and interviewed important decision-makers from India’s investment ecosystem. She likes to dabble across different formats like long forms and explainers. Her work has been consistently displayed on the publication's deals page, and she has also written multiple front-page stories.<br><br>Prior to joining Mint in 2024, she worked out of Reuters’ Bengaluru bureau where she extensively covered the travel, transportation, and logistics industries. Across both her stints, Priyamvada has displayed rigour for breaking news and analyzing interesting data-driven trends. She holds a postgraduate diploma from the Asian College of Journalism's Bloomberg programme. In her free time, she enjoys reading books and trying out different cuisines. She is keen to delve deeper into the various sectors she covers and is always up for a chat. You can reach out to her at priyamvada.c@livemint.com.

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