Mumbai | September 29, 2025 — By Markets Desk, eBharat.com
Lupin Limited has announced that its Netherlands-based subsidiary Nanomi B.V. will acquire specialty pharma player VISUfarma B.V. for an enterprise value of €190 million (~₹1,970 crore). The deal strengthens Lupin’s footprint in European ophthalmology, where VISUfarma generated €48.1 million revenue in CY24.
Strategic Fit
- VISUfarma markets 60+ ophthalmic brands across therapy areas including dry eye, glaucoma, blepharitis, retinal health, and nutraceuticals.
- The company has operations in Italy, Spain, Germany, France, and the UK, giving Lupin a direct EU front-end for specialty drugs.
- Lupin said the move will allow it to leverage VISUfarma’s established sales network to introduce its own pipeline into Europe.
| Metric | Value |
|---|---|
| Turnover (CY2024) | €48.1 million |
| Net Worth | €134.6 million (Dec ’24) |
| Enterprise Value | €190 million (~₹1,970 cr) |
| Past Revenues | €42.5m (2023), €43.9m (2022) |
Market Reaction
At mid-session on Monday, Lupin shares were trading at ₹1,665.20 (−0.45%) on NSE, with a day range of ₹1,648.00–₹1,677.40. The stock has gained ~12% in the past three months, supported by strong generics performance in the US and Europe.
Analysts noted that deploying internal cash reserves for this deal avoids additional leverage but puts pressure on Lupin to deliver quick accretive returns.
Risks Ahead
- Regulatory Approvals: German FDI clearance and Spanish filings are pending.
- Integration Execution: Aligning VISUfarma’s operations into Lupin’s framework may take time.
- Market Expectations: Given the valuation premium, investors will watch closely for revenue acceleration in FY26.
Outlook
The VISUfarma acquisition positions Lupin as a serious contender in European specialty ophthalmology, a segment with steady demand and pricing resilience. If integration is timely and growth synergies materialize, Lupin could see its EU revenue share expand significantly in the coming years.
