New Delhi, Sept. 29 -- Lupin Ltd has agreed to acquire a Netherlands-based drugmaker as the Indian pharma expands its footprint in the European market for eyecare products.

The Mumbai-listed drugmaker has struck an agreement to fully acquire Amsterdam, Netherlands-based VISUfarma from its private equity owner the London-based GHO Capital Partners, it said in a stock exchange filing Monday.

The deal provides VISUfarma an enterprise value of 190 million euro (Rs 1,977 crore). The transaction will involve Lupin's Dutch subsidiary Nanomi acquiring VISUfarma, with the deal expected to be closed by the end of this year. The takeover is subject to regulatory approvals in Spain and Germany.

Lupin said the deal will be financed through its existing cash on the balance sheet and expects the acquisition to be accretive to its growth and margin profile.

The acquisition will provide Lupin an entry point into the European ophthalmology market with the help of VISUfarma's established commercial operations. The "attractive" market is experiencing "significant global growth driven by an aging global population, the increasing incidence of diabetes-related eye complications, and growing awareness of preventive care," Lupin said in a statement.

With the deal, Lupin will offer a complete list of over 60 branded ophthalmology products in the areas of dry eye, glaucoma, eyelid hygiene, blepharitis, retinal health and highly focused nutraceuticals prescribed by ophthalmologists.

"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," Gupta added.

Founded in 2016 via the merger of Italian company Visufarma SpA and the European commercial activities of Nicox SA, VISUfarma is a specialty pharmaceutical company focused on ophthalmology. VISUfarma has been owned by GHO Capital since 2016.

In 2024, the company's revenue rose 13.2% to 48.1 million euro across Italy, the UK, Spain, Germany, France and other markets, compared to 42.5 million euro a year ago.

Published by HT Digital Content Services with permission from VC Circle.