Lupin expands European ophthalmology business with VISUfarma acquisition

Lupin Limited, through its wholly-owned Netherlands subsidiary Nanomi B.V., announced the acquisition of VISUfarma B.V., headquartered in Amsterdam. The agreement, disclosed on September 29, 2025, positions Lupin to strengthen its global specialty ophthalmology business and expand its European footprint. VISUfarma, founded in 2016, operates across major European countries including Italy, the UK, Spain, Germany, and France, offering a portfolio of over 60 branded ophthalmology products for conditions such as dry eye and glaucoma.

The acquisition, valued at an enterprise value of €190m, will be financed through Lupin's existing cash. VISUfarma's financial details as of December 31, 2024, show a turnover of €48.1m and a net worth of €134.6m. The transaction is anticipated to be accretive to Lupin’s growth and margin profile, with an estimated revenue of approximately €54m for VISUfarma in 2025.

Closing of the transaction is projected by the end of calendar year 2025, subject to customary conditions and regulatory approvals from national authorities for foreign direct investment in Germany and notification in Spain. This strategic move aligns with Lupin's goal to accelerate its expansion into the specialty segment across regions.