Lupin Expands Global Ophthalmology Footprint with VISUfarma Acquisition

Lupin Strengthens Global Ophthalmology Operations with VISUfarma Acquisition

In a strategic move to enhance its global presence in the ophthalmology sector, Lupin Limited, a leading global pharmaceutical company based in India, has finalized an agreement to acquire VISUfarma. The acquisition, facilitated through Lupin's wholly-owned subsidiary, Nanomi B.V., was made from GHO Capital, a prominent investor in healthcare. This acquisition is set to significantly bolster Lupin's portfolio in specialized ophthalmology, aligning with its goal of expanding its influence across Europe and enhancing its specialty franchise.

A Strategic Acquisition

Lupin’s acquisition of VISUfarma, renowned for its innovative ophthalmic products and well-established commercial infrastructure, comes at a time when the ophthalmology market is experiencing robust growth. The increasing aging population, rising incidences of diabetic-related ocular complications, and heightened awareness of preventive healthcare have all contributed to the thriving sector. With VISUfarma's established business operations across multiple European markets, Lupin stands to benefit from enhanced market expansion opportunities and a substantial presence in countries such as Italy, the UK, Spain, Germany, and France.

VISUfarma’s Extensive Product Offerings

VISUfarma brings to the table a diverse portfolio of over 60 branded ophthalmic products, which are expected to accelerate Lupin's growth in the specialized product segment worldwide. The integration will enable Lupin to provide a comprehensive range of treatments targeting various ocular conditions, including dry eye, glaucoma, blepharitis, and retinal health. Furthermore, Lupin plans to introduce specialized nutraceuticals prescribed by ophthalmologists, thus widening its consumer base and reinforcing its commitment to improving patient outcomes.

Immediate Profitability and Future Growth

Vinita Gupta, CEO of Lupin, expressed enthusiasm over the acquisition, stating, "We are excited to welcome VISUfarma into the Lupin family. This acquisition not only enhances our capabilities to deliver innovative medications to our patients and communities but is also expected to be immediately accretive to our earnings. It reinforces our specialization in ophthalmology and broadens our footprint in Europe."

Financed through liquid assets from its balance sheet, this acquisition is anticipated to positively impact Lupin's growth trajectory and profit margins. It is expected to be finalized by the end of 2025, contingent upon the completion of certain closing conditions.

Collaboration and Expertise

Senior partners from GHO Capital, Andrea Ponti and Mike Turner, emphasized their collaboration with the management team at VISUfarma, transforming the Italian-national ophthalmology company into a robust pan-European entity. They highlighted VISUfarma’s strong portfolio, which addresses key diseases affecting both the front and back of the eye, and the infrastructure necessary for sustained growth. They welcomed the partnership with Lupin, aimed at leveraging VISUfarma’s strengths to formulate a global ophthalmic franchise.

Paolo Cioccetti, General Manager of VISUfarma Italy, noted that joining forces with Lupin marks an exciting new chapter for the company. Commitment to promoting eye care and improving patient outcomes will drive VISUfarma's endeavors, strengthened by GHO Capital’s strategic guidance that has helped position the company as a leader in pan-European ophthalmic pharmaceuticals.

Financial and Legal Advisory

Centering on this landmark acquisition, Centerview Partners UK LLP served as the exclusive financial advisor to Lupin, while Herbert Smith Freehills Kramer LLP provided legal counsel. On the other hand, Stifel acted as the financial advisor for GHO Capital, with legal counsel from Slaughter and May, Giliberti, Triscornia e Associati, and Norton Rose Fulbright. Deloitte also contributed as financial and tax advisors for GHO Capital.

About Lupin

Established in Mumbai, India, Lupin Limited operates in over 100 markets worldwide. The company specializes in various pharmaceuticals, including brand formulations, generics, biopharmaceuticals, and active pharmaceutical ingredients. With a dedicated workforce of over 24,000 and a strong market presence in therapeutic areas such as respiratory, cardiovascular, diabetes care, infectious diseases, and women's health, Lupin remains committed to enhancing patient health outcomes through its subsidiaries, including Lupin Diagnostics and Lupin Digital Health.

For more information, visit www.lupin.com or connect with us on LinkedIn.

About VISUfarma

Founded from the merger of Visufarma SpA and Nicox SA's European operations, VISUfarma specializes in ophthalmology, generating €48 million in revenues across Italy, the UK, Spain, Germany, France, and certain international markets in 2024. It has been a fully owned subsidiary of GHO Capital since 2016.

About GHO Capital

Global Healthcare Opportunities, or GHO Capital, is a London-based investment advisor focused on the healthcare sector aiming to create leading strategic global businesses. Leveraging its comprehensive expertise and network, GHO Capital partners with strong management teams to enhance long-term sustainable value in the healthcare industry. Further information can be found at www.ghocapital.com.