BDR Pharma to acquire Acme’s oral solid formulations business

Mumbai: The Mumbai based BDR Pharma will acquire a controlling stake in the oral solid formulations business of Acme Formulation and its subsidiaries from its existing shareholders, led by private equity firm PAG, company said on Monday.

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

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


ET first reported in July about BDR Pharmaceuticals’ interest in acquiring Acme Formulation from private equity firm PAG.

PAG acquired a controlling stake in Acme Formulation for $145 million (₹1,054 crore) through its PAG Asia III buyout fund in 2021. Founder and managing director Viral Shah retained a significant minority stake after the transaction and continued as managing director and CEO. PAG currently owns about 62% of the company, while Shah holds around 31%, with the balance being owned by other investors.

BDR will acquire PAG's controlling stake, while Shah is expected to continue with the company as a minority shareholder, ET reported.

“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.

Having sold a controlling stake in the oral solid business, PAG and Viral Shah will retain full ownership of Immacule, the sterile injectable focused contract manufacturing businesses, it said.

The group comprises Acme Formulation, Immacule Lifesciences, Acme Generics and Veritas Research.

“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,” said Nikhil Srivastava, Partner and Co-Head of Private Equity at PAG.

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

BDR, which is targeting an IPO by 2027, also plans to invest around ₹700 crore over the next few years in organic and inorganic expansion. The company licenses products to several leading pharmaceutical companies while also marketing medicines under its own brands.

In 2022, a consortium led by private equity firm Multiples invested ₹685 crore ($91 million) for a stake of nearly 10% in the company.