Lupin Strengthens its Global Specialty Ophthalmology Business with Acquisition of VISUfarma from GHO Capital

VISUfarma's established European operations will provide market expansion opportunities, direct presence and further business diversification across major European countries, including Italy, the UK, Spain, Germany and France. In addition, VISUfarma's broad portfolio of 60+ branded ophthalmology products will present growth opportunities to accelerate Lupin's expansion into the specialty segment across regions, and is projected to drive growth in Europe as well as in other markets. VISUfarma's...

VISUfarma's established European operations will provide market expansion opportunities, direct presence and further business diversification across major European countries, including Italy, the UK, Spain, Germany and France. In addition, VISUfarma's broad portfolio of 60+ branded ophthalmology products will present growth opportunities to accelerate Lupin's expansion into the specialty segment across regions, and is projected to drive growth in Europe as well as in other markets.

Vinita Gupta, CEO of Lupin, said, "We are delighted to welcome VISUfarma into the Lupin family. 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."

With the integration of VISUfarma, Lupin will offer a complete portfolio of products in the areas of dry eye, glaucoma, eyelid hygiene, blepharitis, retinal health and highly focused nutraceuticals prescribed by ophthalmologists.

Lupin will finance the acquisition with existing cash on balance sheet. The acquisition is expected to be accretive to Lupin's growth and margin profile. The transaction is projected to close by the end of 2025, subject to certain closing conditions.

Andrea Ponti, Managing Partner and Mike Turner, Partner at GHO Capital, added, "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 with established operations across key markets, a robust product portfolio covering the main disease areas impacting both the front- and back-of-the-eye, and the infrastructure to continue its growth trajectory. 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, VISUfarma, added, "Combining with Lupin represents an exciting new chapter for VISUfarma. 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. We want to express our sincere gratitude to GHO Capital for their unwavering support and strategic guidance. Their investment and expertise have been instrumental in transforming VISUfarma into a pan-European leader of ophthalmology pharmaceuticals."

Centerview Partners UK LLP served as exclusive financial advisor to Lupin and Herbert Smith Freehills Kramer LLP served as legal counsel to Lupin. 

Stifel acted as exclusive financial advisor to GHO Capital. Slaughter and May, Giliberti, Triscornia e Associati and Norton Rose Fulbright acted as legal counsel and Deloitte served as financial and tax advisor to GHO Capital.

About Lupin
Lupin Limited is a global pharmaceutical leader headquartered in Mumbai, India, with products distributed in over 100 markets. Lupin specializes in pharmaceutical products, including branded and generic formulations, complex generics, biotechnology products, and active pharmaceutical ingredients. Trusted by healthcare professionals and consumers globally, the company enjoys a strong position in India and the U.S. across multiple therapy areas, including respiratory, cardiovascular, anti-diabetic, anti-infective, gastrointestinal, central nervous system, and women's health. Lupin has 15 state-of-the-art manufacturing sites and 7 research centers globally, along with a dedicated workforce of over 24,000 professionals. Lupin is committed to improving patient health outcomes through its subsidiaries - Lupin Diagnostics, Lupin Digital Health, and Lupin Manufacturing Solutions.

To know more, visit www.lupin.com or follow us on LinkedIn https://www.linkedin.com/company/lupin

About VISUfarma
Founded in 2016 through the combination of the Italian company Visufarma SpA and the European commercial activities of the Nicox SA, VISUfarma is a specialty pharmaceutical company focused on ophthalmology. It generated €48m in revenue in 2024 across Italy, the UK, Spain, Germany, France and certain international markets. VISUfarma has been owned by GHO Capital since 2016.

About GHO Capital
Global Healthcare Opportunities, or GHO Capital Partners LLP, is a leading specialist healthcare investment advisor based in London. We apply global capabilities and perspectives to unlock high growth healthcare opportunities, targeting Pan-European and transatlantic internationalisation to build market leading businesses of strategic global value. Our proven investment track record reflects the unrivalled depth of our industry expertise and network. We partner with strong management teams to generate long-term sustainable value, improving the efficiency of healthcare delivery to enable better, faster, more accessible healthcare. For further information, please visit www.ghocapital.com.

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