The Netherlands: Lupin strengthens ophthalmology business with acquisition of VISUfarma from GHO Capital

European specialist investor GHO Capital Partners has announced the sale of its portfolio company, VISUfarma, a Netherlands-headquartered specialty pharmaceutical company focused on ophthalmology, to global pharma major Lupin.

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VISUfarma was created by GHO Capital in 2016 by combining the founder-owned Italian VISUfarma with the European commercial operations of France-based listed Nicox. As part of the Nicox acquisition, the firm assigned rights to its European marketed ophthalmology products in return for upfront payments of up to €26m, a minority shareholding in the combined company and shareholder loans, some of which were subject to future commercial milestones.

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Since GHO’s initial investment as part of Fund I, VISUfarma has grown from a domestic Italian ophthalmic player into a pan-European leader of ophthalmology pharmaceuticals. It offers a portfolio of products in the areas of: dry eye, eyelid hygiene, meibomian gland dysfunction (MGD), blepharitis & demodex management, retinal health, food supplements and glaucoma. It helps patients across Europe and in over 20 countries worldwide through exclusive distributors.

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“We are pleased to have found a partner that can help grow VISUfarma further and leverage its strengths to build a global ophthalmology franchise,” said Andrea Ponti, managing partner and Mike Turner, partner at GHO Capital. 

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Lupin’s wholly owned subsidiary, Nanomi has signed a definitive agreement for the acquisition, which is projected to close by the end of 2025. Lupin’s products are distributed in over 100 markets. It specialises in pharmaceutical products, including branded and generic formulations, complex generics, biotechnology products, and active pharmaceutical ingredients. It has 15 manufacturing sites and seven research centres, along with a workforce of over 24,000 professionals.

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The acquisition of VISUfarma aligns with Lupin’s strategy to expand its European business and footprint and to advance the company’s global specialty franchise.

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“This acquisition strengthens our commitment to delivering innovative medicines to the patients and communities we serve,” said Vinita Gupta, CEO of Lupin. “Beyond being immediately accretive, it also broadens our presence in Europe and further builds our specialty franchise in ophthalmology.”

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By integrating its established commercial operations, Lupin will tap into the attractive ophthalmology market, providing market expansion opportunities, direct presence and further business diversification across major European countries. In addition, VISUfarma’s broad portfolio of over 60 branded ophthalmology products will present growth opportunities.

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“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,” said Paolo Cioccetti, CEO Italy, VISUfarma.

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Lupin will finance the acquisition with existing cash on balance sheet.

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

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

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

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