The acquisition is in line with BDR’s growth priorities in oncology, critical care and women’s health care, while creating opportunities to expand its product offerings in international markets | Photo Credit: iStockphoto
BDR Pharma will acquire a controlling stake in the oral solid formulation business of Acme Formulation and its subsidiaries from existing shareholders, led by PAG.
The transaction values the business at around ₹ 2,370 crore ($250 million), sources close to the deal said.
The acquisition aligns with BDR’s growth priorities in oncology, critical care and women’s health care, while creating opportunities to expand its product offerings in international markets.
The main strategic reason for the acquisition is to add complementary capabilities in thyroid products, female sex hormone products and general pharmaceutical products. o3 Capital acted as the exclusive financial advisor to BDR Pharma in the transaction.
Dharmesh Shah, Chairman and Managing Director of BDR Pharma, said the acquisition will further strengthen the 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,” he said.
After selling their controlling stake in the oral solids business, PAG and Viral Shah will retain full ownership of Immacule, one of the India-focused sterile injectables contract manufacturing businesses. Immacule recently commissioned a new facility with a capacity of more than 200 million units per year and offers multiple capabilities in various dosage forms such as liquid/lyophilised vials, pre-filled syringes, and cartridges, as well as therapeutic areas such as oncology, ophthalmology, and general injectables.
Nikhil Srivastava, Partner and Co-Head of Private Equity at PAG, said the transaction reflects the strength of the platform built with Viral and the Acme team and he believes BDR Pharma is the right owner to take it to the next level. “We will now sharpen our focus on building Immacule into a leading global sterile injection platform,” he said.
Viral Shah, Acme Founder and Immacule Managing Director, said BDR Pharma’s strength in new and complex medicines will bring more innovative products to Acme’s existing and new CMO and CDMO clients across geographies.
Published on November 9, 2026