BDR Pharma Acquires Controlling Stake in Acme Formulation's Oral Care Business for ₹2,370 Crore

Pharmaceutical company BDR Pharma is set to acquire a controlling stake in Acme Formulation's oral solid formulations business and its subsidiaries from its existing shareholders, led by private equity firm PAG. According to sources close to the deal, the transaction values the business at approximately ₹2,370 crore, or roughly $250 million.

The acquisition aligns with BDR Pharma's ongoing growth priorities, which span oncology, critical care, and women's healthcare. Additionally, the deal is expected to create opportunities for the company to expand its product offerings across international markets.

A primary strategic rationale for the acquisition is the addition of complementary capabilities. These include specialized product segments across thyroid products, female sex hormone products, and general pharmaceutical products. o3 Capital acted as the exclusive financial advisor to BDR Pharma for the transaction.

Dharmesh Shah, Chairman and Managing Director of BDR Pharma, noted that the acquisition will further strengthen the company's CDMO platform and introduce differentiated capabilities. He stated that the move forms part of a larger growth roadmap, with additional strategic initiatives anticipated as the company continues to build its global presence.

Following the sale of the controlling stake in the oral solid business, PAG and Viral Shah will retain full ownership of Immacule, a sterile injectable-focused contract manufacturing business. Immacule recently commissioned a new facility capable of producing over 200 million units per annum. The facility supports various dosage forms, such as liquid and lyophilised vials, pre-filled syringes, and cartridges, alongside therapeutic areas including oncology, ophthalmology, and general injectables.

Nikhil Srivastava, Partner and Co-Head of Private Equity at PAG, remarked that the transaction reflects the strength of the platform built alongside Viral Shah and the Acme team. He added that BDR Pharma is well-positioned to take the business to the next stage, while PAG sharpens its focus on developing Immacule into a global sterile injectables platform.

Viral Shah, Founder of Acme and Managing Director of Immacule, stated that BDR Pharma's expertise in new and complex medicines will help bring innovative products to existing and new CMO and CDMO clients across various geographies.

"This strategic acquisition highlights a clear trend of consolidation and portfolio expansion within the Indian pharmaceutical sector. By acquiring Acme Formulation's oral solid business, BDR Pharma is not only enhancing its manufacturing capabilities and product portfolio in complex therapeutics like oncology and women's healthcare, but also positioning itself strongly for international markets. Transactions of this scale demonstrate how private equity-backed platforms are successfully restructuring to focus on core strengths, such as sterile injectables, while transferring mature business lines to strategic operators who can drive the next phase of global growth." — Dr. Shishir Gupta, Founder & CEO, StartupLanes