Lupin has signed a definitive agreement to acquire VISUfarma BV, a Netherlands-based specialty ophthalmology company, for an enterprise value of €190 million (around Rs 2000 crore), the Indian drug manufacturer said on September 29.
The deal, executed through Lupin’s wholly owned subsidiary Nanomi BV, marks a strategic push to deepen Lupin’s European footprint and bolster its global specialty business.
“This acquisition strengthens our commitment to delivering innovative medicines to the patients and communities we serve,” Lupin CEO Vinita Gupta said. “Beyond being immediately accretive, it also broadens our presence in Europe and further builds our specialty franchise in ophthalmology.”
VISUfarma, backed by GHO Capital since 2016, generated euro 48.1 million in revenue in 2024 and operates in major European markets, including Italy, the UK, Spain, Germany, and France.
The company offers a portfolio of over 60 branded products targeting dry eye, glaucoma, retinal health, and eyelid hygiene.
The transaction will be funded through Lupin’s cash reserves and is expected to close by year-end, pending regulatory approvals in Germany and Spain. Lupin estimates VISUfarma’s 2025 revenue to reach eur0 54 million, with EBITDA margins around 30 percent.
VISUfarma CEO Paolo Cioccetti called the deal “an exciting new chapter”, which will help build a global ophthalmology franchise. GHO Capital’s Andrea Ponti and Mike Turner said the firm had transformed VISUfarma into a pan-European leader and welcomed Lupin as a growth partner.
The acquisition is expected to be accretive to Lupin’s sales and margins, and will serve as a cornerstone for its ophthalmology operations in Europe, India and Southeast Asia.
Lupin plans to leverage VISUfarma’s portfolio and infrastructure to accelerate product launches and expand its specialty offerings globally.
Centerview Partners advised Lupin on the transaction, while Herbert Smith Freehills Kramer LLP served as legal counsel. GHO Capital was advised by Stifel and a consortium of legal and financial advisers.
At 9.48 am, the Lupin stock was trading at Rs1,954 on the National Stock Exchange, up 1.78 percent from the previous close.
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