BDR Pharma announced an agreement with PAG to acquire a controlling stake in the oral solid formulations business of Acme Formulation Private Limited and its subsidiaries. The acquisition will strengthen BDR Pharma’s Contract Development and Manufacturing Organisation (CDMO) platform and expand its presence across key therapeutic segments and international markets.The transaction aligns with BDR Pharma’s growth strategy in oncology, critical care and women’s healthcare. It will also add complementary manufacturing and product development capabilities in thyroid therapies, female sex hormones and general pharmaceutical products.
Acquisition to Strengthen BDR Pharma’s CDMO Capabilities
Dharmesh Shah, Chairman and Managing Director of BDR Pharma, said the company had achieved strong growth through strategic investments, innovation and an expanding global presence. He added that acquiring Acme would further strengthen BDR Pharma’s CDMO platform and introduce differentiated capabilities. The company also plans to pursue additional strategic initiatives as part of its broader growth roadmap. The acquisition will complement BDR Pharma’s existing therapeutic portfolio without creating significant overlap. In particular, it will provide specialised manufacturing capabilities in women’s healthcare and thyroid therapies, strengthening its overall pharmaceutical manufacturing platform.
PAG to Retain Ownership of Immacule’s Sterile Injectable Business
PAG and Viral Shah will retain full ownership of Immacule, one of India’s leading contract manufacturers specialising in sterile injectable products. Immacule recently commissioned its second manufacturing facility, taking its annual production capacity to more than 200 million units. The company offers manufacturing capabilities across several dosage forms, including liquid and lyophilised vials, pre-filled syringes and cartridges. Its therapeutic focus includes oncology, ophthalmology and general injectables. Nikhil Srivastava, Partner and Co-Head of Private Equity at PAG, said the transaction reflected the strength of the Acme business developed in partnership with Viral Shah and its team. He expressed confidence that BDR Pharma would take the oral solid formulations business to its next growth phase. He added that PAG would now focus on developing Immacule into a leading global sterile injectable manufacturing platform.
Acme Acquisition to Expand US Market Opportunities
Viral Shah, Founder of Acme and Managing Director of Immacule, highlighted the company’s long-standing customer relationships and dedicated workforce. He noted that BDR Pharma’s expertise in developing new and complex medicines would help introduce more innovative products to Acme’s existing and prospective Contract Manufacturing Organisation (CMO) and CDMO customers across international markets. Viral Shah will work closely with BDR Pharma to ensure a smooth transition while focusing on expanding Immacule’s business. Furthermore, BDR Pharma plans to integrate Acme’s manufacturing capabilities with its recently acquired portfolio of Abbreviated New Drug Applications (ANDAs) and products for the US market.
The acquired manufacturing infrastructure and available capacity will enable BDR Pharma to gradually transition towards commercialising its own product portfolio. This strategy could strengthen its position across the pharmaceutical value chain, broaden its product offerings and deepen customer relationships in the US market.
Immacule Expands Sterile Manufacturing Capacity
Immacule operates two manufacturing facilities in Nalagarh, Himachal Pradesh, representing a combined investment of approximately US$100 million. The company employs around 750 people and serves more than 30 Indian and international pharmaceutical companies. Its recently commissioned second facility adds dedicated manufacturing lines for vials, ophthalmic products, pre-filled syringes, cartridges and oncology products, taking its annual production capacity beyond 200 million units. Additionally, Immacule supplies more than 50 globally approved products, with a strong focus on the US pharmaceutical market.
Strengthening Pharmaceutical Manufacturing and Global Presence
The acquisition represents an important step in BDR Pharma’s expansion of its CDMO business and international manufacturing capabilities. By combining Acme’s oral solid formulation expertise with its existing pharmaceutical portfolio and US market opportunities, BDR Pharma aims to strengthen its presence across specialised therapeutic segments. As per company press release, PAG will concentrate on expanding Immacule’s sterile injectable manufacturing operations, positioning both businesses for focused growth in their respective pharmaceutical segments.
