Lupin Acquires VISUfarma for €190 Million to Expand European Ophthalmology Portfolio
Key Insights
Lupin's subsidiary Nanomi B.V. (search) has signed a definitive agreement to acquire VISUfarma B.V. (search) from GHO Capital Partners (search) for €190 million enterprise value.
The acquisition provides Lupin with over 60 branded ophthalmology products and established commercial operations across Italy, UK, Spain, Germany, and France.
VISUfarma generated €48 million in revenue in 2024 and offers a complete portfolio covering dry eye, glaucoma, eyelid hygiene, blepharitis, and retinal health products.
Global pharmaceutical company Lupin Limited has announced the acquisition of Amsterdam-based VISUfarma B.V. (search) for €190 million enterprise value, marking a significant expansion into the European specialty ophthalmology market. The transaction, executed through Lupin's wholly-owned subsidiary Nanomi B.V. (search), involves acquiring the portfolio company from healthcare specialist investor GHO Capital Partners (search) LLP.
Strategic Market Entry
The acquisition positions Lupin to capitalize on the growing global ophthalmology market, which is experiencing significant expansion driven by an aging global population, increasing incidence of diabetes-related eye complications, and growing awareness of preventive care. VISUfarma's established European operations provide Lupin with direct market presence and business diversification opportunities across major European countries, including Italy, the UK, Spain, Germany, and France.
"We are delighted to welcome VISUfarma into the Lupin family," said Vinita Gupta, CEO of Lupin. "This acquisition strengthens our commitment to delivering innovative medicines to the patients and communities we serve. Beyond being immediately accretive, it also broadens our presence in Europe and further builds our specialty franchise in Ophthalmology."
Comprehensive Product Portfolio
VISUfarma brings a broad portfolio of over 60 branded ophthalmology products to Lupin's operations. The company generated €48 million in revenue in 2024 across its European markets and certain international territories. With this integration, Lupin will offer a complete portfolio of products addressing dry eye, glaucoma, eyelid hygiene, blepharitis, retinal health, and highly focused nutraceuticals prescribed by ophthalmologists.
Founded in 2016 through the combination of Italian company Visufarma SpA and the European commercial activities of Nicox SA, VISUfarma has been owned by GHO Capital since 2016. Under GHO's ownership, the company transformed from a domestic Italian ophthalmic player into a pan-European business with established operations across key markets.
Financial and Strategic Impact
Lupin will finance the acquisition using existing cash on its balance sheet. The transaction is expected to be immediately accretive to Lupin's growth and margin profile, with the deal projected to close by the end of 2025, subject to certain closing conditions.
"Working closely with the VISUfarma management team, GHO Capital has transformed the company from a domestic Italian ophthalmic player into a unique pan-European business," said Andrea Ponti, Managing Partner, and Mike Turner, Partner at GHO Capital. "We are pleased to have found a partner to help grow VISUfarma further and leverage its strengths to build a global ophthalmology franchise."
Paolo Cioccetti, CEO Italy at VISUfarma, expressed enthusiasm about the combination: "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."
The acquisition aligns with Lupin's broader strategy to expand its European business footprint and advance its global specialty franchise, representing a significant step in the company's diversification into high-value therapeutic areas.