Lupin shares in focus as arm buys VISUfarma for Rs 1,970 crore 

Shares of Lupin are in focus on Monday morning after the pharma major said its wholly owned subsidiary, Nanomi BV, has signed a definitive agreement to acquire VISUfarma BV, a European specialty pharmaceutical company backed by GHO Capital Partners for an enterprise value of 190 million euros or roughly Rs 1,970 crore. The acquisition will be funded through existing cash on balance sheet. VISUfarma 2025 estimated revenue stood at 54 million euros.

VISUfarma has a portfolio of more than 60 branded ophthalmology products and established operations across Italy, the UK, Spain, Germany and France. The deal will give Lupin direct presence in major European markets and expand its specialty franchise in ophthalmology.

Lupin shares are down 6 per cent in the past one month and 19 per cent in 2025 so far.

The acquisition aligns with Lupin’s strategy to strengthen its European footprint and diversify into specialty therapies. The company said it will fund the transaction through existing cash reserves. The deal is expected to close by the end of 2025, subject to customary approvals, and will be accretive to growth and margins.

VISUfarma’s products cover therapeutic areas including dry eye, glaucoma, eyelid hygiene, blepharitis, retinal health and nutraceuticals prescribed by ophthalmologists. Lupin said integrating the business will allow it to participate in the growing global ophthalmology market, driven by aging demographics, rising diabetes-related eye conditions and greater awareness of preventive care.

Vinita Gupta, CEO of Lupin, said the acquisition enhances the company’s presence in Europe and strengthens its specialty portfolio. “This acquisition broadens our presence in Europe and further builds our specialty franchise in ophthalmology,” she said.

Andrea Ponti, Managing Partner at GHO Capital, said the fund had transformed VISUfarma from a domestic Italian business into a pan-European platform with scale across key markets and a strong portfolio. “We are pleased to have found a partner to grow VISUfarma further and leverage its strengths to build a global ophthalmology franchise,” he said.

VISUfarma CEO Italy, Paolo Cioccetti, said joining Lupin would help the company expand its reach and capabilities. “As part of Lupin’s ophthalmology operations, we will build towards a global ophthalmology franchise with a commitment to advancing eye care and improving patient outcomes,” he said.

Centerview Partners advised Lupin, while Stifel advised GHO Capital on the transaction.