BDR Pharmaceuticals, backed by a Multiples PE-led consortium, is strengthening its key offerings including women's health by acquiring a controlling stake in Acme Formulation's oral solid formulations business.
The Mumbai-based pharmaceutical company said it acquired Acme's oral solid formulations business, which incorporates "complementary capabilities" across thyroid products, female sex hormone products and general pharmaceutical products.
Terms of the transaction were not disclosed.
Meanwhile, Asia-focussed private equity firm PAG and Acme founder Viral Shah will retain full ownership of Immacule, the sterile injectable-focussed contract-manufacturing business.
O3 Capital acted as the financial advisor to BDR Pharma, while Avendus Capital advised Acme Formulation and PAG on this transaction.
BDR said the deal aligns with its priorities across oncology, critical care and women’s healthcare, and will expand its product offerings in international markets.
Acme's specialised hormone manufacturing portfolio strengthens BDR's women’s healthcare portfolio and Acme’s USFDA-approved sites support further US product expansion. This is also expected to deepen BDR Pharma’s contract development and manufacturing organisation (CDMO) platform.
"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.
Background
Founded in 2003, BDR Pharma is a complex generics platform and its offerings include finished formulations and active pharmaceutical ingredients.
In 2022, a consortium led by private equity firm Multiples Alternate Asset Management Pvt. Ltd bought a 9.3% stake in BDR Pharmaceuticals for Rs 685 crore (around $88 million at the time). The investors in the consortium include the investment arm of Times Group, QRG Invest (Havells Family Office), and high net worth individuals, Nishant Agarwal of Avighna Group and Mallika Srinivasan of TAFE.
Meanwhile, Acme Formulation Pvt Ltd, founded in 2005, provides contract manufacturing and research and development (R&D) services to Indian and global pharmaceutical companies. Its offerings include hormones, thyroid products, and other complex oral solid formulations. In 2021, PAG acquired a controlling stake in Acme for $145 million.
Its subsidiary, Immacule offers sterile contract manufacturing and has two facilities at Nalagarh, Himachal Pradesh, with a strength of around 750 employees. The company recently commissioned its second facility, which adds dedicated vial, ophthalmic, pre-filled syringe or cartridge and oncology lines, increasing annual capacity to over 200 million units.
