BDR Pharma to Buy Controlling Stake in Acme's Oral Solids Arm
PAG and Acme founder Viral Shah will keep full ownership of the sterile injectables business, Immacule Lifesciences.
Key Takeaways
- BDR Pharma will buy a controlling stake in Acme Formulation's oral solid formulations business.
- The sellers are Acme's existing shareholders, led by PAG.
- PAG and Acme founder Viral Shah keep full ownership of Immacule Lifesciences.
- BDR Pharma said the deal adds thyroid, female sex hormone and general medicines.
- The companies did not disclose the value of the deal.
Table of Contents 7 sections
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 the investment firm PAG. BDR Pharma and PAG announced the deal in Mumbai on November 9, 2026, and did not disclose its financial terms.
The deal does not include Acme's sterile injectables business, Immacule Lifesciences. PAG and Acme founder Viral Shah will keep full ownership of Immacule. BDR Pharma, a Mumbai-based drug maker backed by Multiples, said the deal adds thyroid products, female sex hormone products and general pharmaceutical products to its range. o3 Capital was the exclusive financial advisor to BDR Pharma on the transaction.
BDR Pharma's Acme deal at a glance
| Detail | Value |
|---|---|
| Buyer | BDR Pharma, backed by Multiples |
| What it is buying | A controlling stake in Acme Formulation's oral solid formulations business and its subsidiaries |
| Sellers | Acme's existing shareholders, led by PAG |
| Not part of the deal | Immacule Lifesciences, Acme's sterile injectables business |
| Who keeps Immacule | PAG and Acme founder Viral Shah |
| Deal value | Not disclosed |
| Advisor to BDR Pharma | o3 Capital |
| Announced | November 9, 2026 |
How Acme fits BDR Pharma's oncology and women's health focus
BDR Pharma said the deal fits its growth priorities in oncology, critical care and women's healthcare, and creates opportunities to expand its product offerings in international markets. It said Acme strengthens its contract development and manufacturing (CDMO) platform without overlapping with its existing areas.
BDR Pharma also said it will use Acme's capabilities alongside the Abbreviated New Drug Applications (ANDAs) and US products it recently acquired. According to the company, Acme's plants and available capacity would help it gradually move towards selling its own products.
| When | What happened |
|---|---|
| 2003 | BDR Pharma is founded |
| 2005 | Viral Shah starts Acme |
| November 9, 2026 | BDR Pharma agrees to buy a controlling stake in Acme's oral solid formulations business |
Immacule stays with PAG and Viral Shah
Immacule Lifesciences makes sterile injectable medicines on contract for other drug companies. It has two plants at Nalagarh in Himachal Pradesh, built with a combined investment of about $100 million, and employs about 750 people.
Its recently commissioned second plant took Immacule's yearly capacity to more than 200 million units. Immacule serves more than 30 Indian and global drug companies and supplies more than 50 approved products.
Dharmesh Shah, Nikhil Srivastava and Viral Shah on the Acme sale
"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"
"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,"
"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,"
What BDR Pharma and PAG said comes next
Dharmesh Shah said BDR Pharma expects more strategic moves as it builds its global presence. PAG said it will now focus on building Immacule into a leading global sterile injectables platform.
Where Acme's two businesses stand after the BDR Pharma deal
BDR Pharma will hold a controlling stake in Acme's oral solid formulations business, while PAG and Viral Shah keep full ownership of the injectables maker Immacule. The value of the deal was not disclosed.
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