· PAG, together with Acme’s founder Viral Shah, to retain and scale the sterile injectables business, Immacule Lifesciences Private Limited (“Immacule”)
Mumbai, 9th November 2026 – BDR Pharma and PAG today announced that BDR Pharma will acquire a controlling stake in the oral solid formulations business of Acme Formulation Private Limited and its subsidiaries (together “Acme”) from its existing shareholders, led by PAG. 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.
“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, one of India’s leading sterile injectable focused contract manufacturing businesses. Immacule has recently commissioned a new facility with a capacity of 200M+ units p.a. and provides a broad set of capabilities across dosage forms such as liquid / lyophilized vials, pre-filled syringes, cartridges and therapeutic areas such as oncology, ophthalmology and general injectables.
“We are proud of what Acme has become during our partnership. 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. We will now sharpen our focus on building Immacule into a leading global sterile injectables platform,” said Nikhil Srivastava, Partner and Co-Head of Private Equity at PAG.
“Acme has been built on long-standing customer relationships and a committed team. 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. 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 Pharma also sees an opportunity to leverage the acquired capabilities alongside its recently acquired portfolio of Abbreviated New Drug Applications (ANDAs) and products for the US market. Importantly, the manufacturing infrastructure and available capacity would enable it to progressively transition towards commercialising its own portfolio, enhancing its presence across the product value chain, supporting a broader product offering and building on durable customer relationships in the US market.
Immacule is one of India’s leading sterile contract manufacturers, with two facilities at Nalagarh, Himachal Pradesh, with a combined investment of about US$100 million and around 750 employees. It has recently commissioned its second facility, which adds dedicated vial, ophthalmic, pre-filled syringe/cartridge and oncology lines, taking annual capacity to over 200 million units. Immacule serves over 30 Indian and global pharmaceutical companies and supplies 50+ globally approved products, with a focus on the US market.
About BDR Pharma:
Founded in 2003, BDR Pharma is a global integrated complex generics platform with a strong presence in Oncology, Women’s Healthcare and Critical Care therapies and a growing presence in other specialized therapies. The company’s capabilities span finished formulations and active pharmaceutical ingredients, supported by a diversified manufacturing footprint. BDR partners with leading pharmaceutical companies across India and international markets, including regulated and emerging markets. The company’s robust R&D capabilities are anchored by state-of-the-art R&D infrastructure and a high-quality growing base of scientific talent. BDR Pharma is backed by Multiples. Multiples is India’s leading Alternate Asset Management company with over $3.5 billion of assets under management, distinguished by its long and successful experience of partnering with entrepreneurs. Multiples has backed over 35 enterprises to build aspirational, distinctive, and responsible businesses.
About PAG:
PAG is a leading Asia-Pacific-focused alternative investment firm with three core strategies: Credit & Markets, Private Equity, and Real Assets. As of 30 June 2026, PAG manages more than US$60 billion in assets on behalf of over 300 global institutional investors. The firm has approximately 400 investment professionals across 15 offices globally. PAG has been investing in India since 2009 across multiple strategies and business sectors, and currently manages over USD 3 billion in assets in India. PAG’s other private equity investments include Nuvama Wealth Management (NSE: NUVAMA), one of India’s largest wealth management players; Alternicq, India’s largest rigid plastic packaging (RPP) manufacturer; and Sekhmet Pharmaventures, a leading diversified pharmaceutical platform. For more information, please visit www.pag.com.
About Acme:
Founded in 2005 by Viral Shah, Acme Formulation Private Limited is a leading provider of contract manufacturing and R&D services to major Indian and global pharmaceutical companies. The company focuses on hormones, thyroid and other complex oral solid formulations, exports to more than 40 countries, and operates both USFDA and EU GMP-approved manufacturing sites.
Media contact:
PR@pag.com
Apurv Gupta
Mobile: 98926 60381
Email: apurv.gupta@adfactorspr.com
