PAI Pharma

What PAI Pharma does

PAI Pharma (legal entity PAI Holdings, LLC, formerly Pharmaceutical Associates, Inc.) is a U.S. specialty generic pharmaceutical manufacturer founded in 1968 and headquartered in Parsippany, NJ, with primary manufacturing operations at a 300,000+ sq. ft. FDA CGMP-compliant campus in Greenville, SC and a second aseptic manufacturing facility in Sacramento, CA acquired through Nivagen Pharmaceuticals in January 2026. The company develops, manufactures, and distributes generic oral liquid medications (suspensions, solutions, elixirs, syrups), sterile injectable ready-to-use (RTU) products (IV bags, vials, prefilled syringes, cartridges), and selected capsules and topicals, marketed under 250+ NDCs and sold under the DURA-DOSE® unit-dose cup brand. It is privately held by Olympus Partners following a February 2025 take-private.

PAI sells through a hybrid B2B model combining a direct enterprise sales force serving retail chains, independent pharmacies, hospitals, long-term care facilities, and government agencies, with channel distribution via 100+ authorized distributors including the four major U.S. pharmaceutical wholesalers (AmerisourceBergen, Cardinal Health, Cencora, McKesson) and regional wholesalers such as Morris Dickson. Differentiators include the broadest U.S. portfolio of generic oral liquids, proprietary DURA-DOSE® unit-dose packaging with unit-level barcoding, and a large catalog of free-from formulations (60+ dye-free products; many alcohol-, gluten-, lactose-, preservative-, and sugar-free). The Nivagen acquisition added aseptic manufacturing capability and a combined pipeline of approximately 30 sterile injectable products, expanding PAI's addressable market into hospital drug-shortage mitigation and medication-assisted treatment (via the VistaPharm acquisition of methadone, buprenorphine, and naloxone products for OTP clinics).

Revenue is generated from one-time product sales with pricing negotiated through representatives and distribution partners; specific unit prices and total revenue are not publicly disclosed. The company has been an active serial acquirer (VistaPharm in 2022, Nivagen in 2026) and launched 10+ new SKUs across March-June 2026 spanning sterile injectables, capsules, oral solutions, topicals, and pediatric OTCs. Operational signals suggest a company in an active expansion phase under PE sponsorship rather than a mature, steady-state operator, though the absence of disclosed financials limits precision around revenue and growth quantification.

Name

PAI Pharma

Legal name

PAI Holdings, LLC

Website

https://paipharma.com

Company type

Private

Founded year

1968

Operating status

Operating

Headcount range

251–500 employees

Short description

PAI Pharma is a U.S. specialty generic drug manufacturer of oral liquids, unit-dose cup medications (DURA-DOSE®), and sterile injectables, serving retail pharmacies, hospitals, long-term care facilities, government agencies, and OTP clinics through 250+ NDCs distributed via major wholesalers.

Ownership category

akta.pro rank

Product category

Generic Liquid Pharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412), Drugs and Druggists' Sundries Merchant Wholesalers (424210)

SIC

Pharmaceutical Preparations (2834), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122)

akta.pro primary industry

Generic Hospital & Institutional Products (HLAIABAL)

Keywords

• Generic pharmaceuticals
• Oral liquid medicines
• Unit-dose packaging
• Sterile injectables
• Pharmaceutical manufacturing

Headquarters

HQ city

Greenville

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Generic Pharmaceutical Product Sales: PAI Pharma generates revenue through the manufacture and sale of generic oral liquid medications and sterile injectable products. The company offers over 250 product NDCs across multiple dosage forms including suspensions, oral solutions, elixirs, syrups, and unit-dose packaging. Revenue is derived from direct sales to healthcare providers and through distribution channel partners.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

PAI Pharma develops, manufactures and distributes generic liquid pharmaceuticals in the U.S., offering over 250 product NDCs across oral liquid medications (suspensions, solutions, elixirs, syrups), proprietary DURA-DOSE unit-dose cup packaging, and ready-to-use sterile injectables. The company manufactures products at FDA CGMP-compliant facilities in Greenville, SC and Sacramento, CA, and serves retail pharmacies, hospitals, long-term care facilities, government agencies, and opioid treatment program clinics through direct sales and an authorized distributor network.

Differentiator

Problem solved

Functional benefit

Brands

• DURA-DOSE: PAI Pharma's registered trademark for unit-dose cup packaging format used for oral liquid medications.

Products and services

• Generic Oral Liquid Medicines Broad portfolio of generic oral liquid medications including suspensions, oral solutions, elixirs, and syrups in standard bottle packaging for retail chains, independent pharmacies, hospitals, and government agencies.
• DURA-DOSE Unit-Dose Cup Packaging Proprietary registered-trademark unit-dose cup delivery system featuring barcoding at unit of dose level, designed for accurate dosing and reduced medication errors in hospital pharmacy operations, long-term care facilities, and retail pharmacy dispensing.
• Ready-to-Use Sterile Injectables Ready-to-use sterile injectable products including IV bags, vials, prefilled syringes, and cartridges manufactured via advanced aseptic processing at the Sacramento facility for hospitals and health systems to address persistent drug shortages.
• Voriconazole Injection 200 mg per 20 mL Injectable azole antifungal indicated for treatment of invasive aspergillosis, candidemia, esophageal candidiasis, and serious fungal infections in hospitals.
• Vancomycin Hydrochloride Capsules, USP 125 mg and 250 mg Oral antibiotic capsule formulations for treatment of C. difficile-associated diarrhea and enterocolitis caused by Staphylococcus aureus, available in 125 mg and 250 mg strengths.
• Brivaracetam Injection CV and Oral Solution CV Antiepileptic injectable and raspberry-flavored oral solution for treatment of partial-onset seizures in patients 1 month of age and older.
• Lithium Oral Solution, USP Mood-stabilizing oral solution indicated as monotherapy for treatment of bipolar I disorder, available in 500 mL bottle and DURA-DOSE unit-dose cup formats.
• Pentamidine Isethionate Injection and Inhalation Solution Anti-infective products including an injectable formulation for treatment of Pneumocystis carinii pneumonia and an inhalation solution for prevention of PJP in high-risk HIV-infected patients.
• Children's and Infants' Simethicone Drops Prefilled oral syringe simethicone products for relief of gas symptoms in infants under 2 years old and children 2 years or older.
• Children's Multivitamin (With Iron and No Iron) Alcohol and sugar free multivitamin supplements for infants and toddlers, available with iron (cherry flavor) and without iron formulations for immune system development.
• Benzocaine 20% Solution 0.5 mL Single-Unit Dose Applicators Topical anesthetic in 0.5 mL single-unit dose applicators for temporary relief of minor irritation and pain associated with sore mouth and throat.
• Mupirocin Ointment USP, 2% Topical antibiotic ointment indicated for topical treatment of impetigo due to susceptible isolates of Staphylococcus aureus and Streptococcus pyogenes.
• Free-From Formulation Portfolio (Dye-Free, Alcohol-Free, Gluten-Free, Lactose-Free, Preservative-Free, Sugar-Free) Specialized oral liquid formulations free from common additives such as Red No. 3 dye, alcohol, gluten, lactose, preservatives, and sugar for patients with sensitivities or ingredient restrictions.
• Opioid Treatment Medications (VistaPharm portfolio) Generic pharmaceuticals and OTC products including methadone, buprenorphine, and naloxone-based medications distributed to opioid treatment program clinics for medication-assisted treatment of opioid use disorder.

Quantifiable outcome

• Over 250 product NDCs offered across oral liquids and sterile injectables
• +2 more outcomes

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and major.

• AmerisourceBergencoreChannel Partner/ Reseller/ DistributorMajor pharmaceutical wholesaler and authorized distributor of PAI Pharma products, providing nationwide distribution reach to retail pharmacies, hospitals, and healthcare providers.
• Cardinal HealthcoreChannel Partner/ Reseller/ DistributorMajor pharmaceutical wholesaler and authorized distributor of PAI Pharma products, enabling broad market access across healthcare channels.
• CencoracoreChannel Partner/ Reseller/ DistributorMajor pharmaceutical wholesaler and authorized distributor of PAI Pharma products, supporting product availability across healthcare provider networks.
• McKesson Drug CorpcoreChannel Partner/ Reseller/ DistributorMajor pharmaceutical wholesaler and authorized distributor of PAI Pharma products, providing distribution infrastructure across healthcare channels.
• Morris DicksonmajorChannel Partner/ Reseller/ DistributorRegional pharmaceutical wholesaler and authorized distributor of PAI Pharma products serving healthcare providers in their distribution territory.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Lannett: U.S. generic pharmaceutical manufacturer producing oral solids, liquids, and topical generics for retail and institutional channels. Highly comparable to PAI as a mid-market U.S. generic pharma with similar customer base and distribution model.
• Padagis: U.S. specialty generic pharmaceutical company producing generic Rx and OTC products, including topical and oral dosage forms. Comparable as a U.S.-focused generic manufacturer serving retail pharmacy and institutional customers.
• Amphastar Pharmaceuticals: Specialty generic injectable and intranasal pharmaceutical manufacturer focused on hospital and institutional customers, including RTU injectables. Direct competitor in PAI's newly entered sterile injectable segment.
• Hikma Pharmaceuticals: Global generic pharmaceutical manufacturer with significant U.S. injectable portfolio serving hospitals and healthcare systems. Comparable business mix spanning sterile injectables and oral generics distributed via Big-3 wholesalers.
• Akorn Operating Company: U.S. specialty generic pharmaceutical manufacturer with portfolio spanning sterile injectables, oral liquids, and topical products for hospitals and retail pharmacies. Comparable across multiple dosage forms and customer segments PAI serves.
• Mayne Pharma: Specialty pharmaceutical company focused on generic and branded dermatology, women's health, and hospital products including injectables. Comparable as a mid-sized specialty generic player serving similar institutional customers.
• Upsher-Smith Laboratories: U.S. generic pharmaceutical manufacturer producing oral solids, liquids, and topical products for retail and institutional channels. Comparable mid-market U.S. generic manufacturer with similar distribution model.

Broad incumbents

• Apotex: Large Canadian-headquartered generic pharmaceutical manufacturer with broad portfolio of oral solids, liquids, and injectables across retail and institutional channels. Larger scale but directly comparable product categories.
• Sandoz (Novartis): Global generic and biosimilar pharmaceutical company (now independent of Novartis) with broad oral and injectable portfolio across U.S. retail and hospital channels. A scaled incumbent competing across many of PAI's therapeutic categories.
• Bausch Health (generic/specialty portfolio): Diversified pharmaceutical company with significant generic and specialty pharmaceutical operations across U.S. retail, hospital, and government channels. Larger incumbent with overlapping product categories.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/pharmaceutical-associates-inc
• Xx.com/paipharma
• Facebookfacebook.com/Pharmaceutical-Associates-Inc-287424471687805

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PAI Pharma