BDR Pharma will acquire a controlling stake in Acme Formulation’s oral solid formulations business and its subsidiaries from its existing shareholders, led by PAG.
The transaction values the business at about ₹2,370 crore ($250 million), said sources close to the deal.
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. o3 Capital acted as the exclusive financial advisor to BDR Pharma on 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.
Having sold a controlling stake in the oral solid business, PAG and Viral Shah will retain full ownership of Immacule, one of India’s leading sterile injectable-focused contract manufacturing businesses. Immacule has recently commissioned a new facility with a capacity of over 200 million units per annum and offers a broad set of capabilities across 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 that he believes BDR Pharma is the ideal owner to take it to the next level. “We will now sharpen our focus on building Immacule into a leading global sterile injectables platform,” he said.
Viral Shah, Founder of Acme and Managing Director of Immacule, said 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.
Published on November 9, 2026
