GHO Capital Sells VISUfarma to Lupin

London, Mumbai, 29 September, 2025: Global Healthcare Opportunities, or GHO Capital Partners LLP (“GHO”), the European specialist investor in global healthcare, is delighted to announce the sale of VISUfarma, a specialty pharmaceutical company focused on ophthalmology, to global pharma major Lupin Limited (Lupin).

VISUfarma was created by GHO Capital in 2016 by combining the founder-owned Italian VISUfarma with the European commercial operations of Nicox S.A. Since its initial investment as part of Fund I, GHO has grown the business substantially into a pan-European leader of ophthalmology pharmaceuticals.

Lupin’s wholly owned subsidiary, Nanomi B.V. has signed a definitive agreement for the acquisition, which is projected to close by the end of 2025, subject to certain closing conditions. The acquisition of VISUfarma, with its broad portfolio of innovative eye health products and established commercial infrastructure, aligns with Lupin’s strategy to expand its European business and footprint and to advance the company’s global specialty franchise.

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.

Andrea Ponti, Managing Partner and Mike Turner, Partner at GHO Capital, said: “Working closely with the VISUfarma management team, GHO Capital have 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 that can help grow VISUfarma further and leverage its strengths to build a global ophthalmology franchise.”

Vinita Gupta, CEO of Lupin, added: “We are delighted to welcome VISUfarma to the Lupin group. This investment reinforces our efforts toward bringing innovative medicines for the patients and communities we serve. With this immediately-accretive acquisition, we also expand our European presence and enhance our Ophthalmology specialty franchise.”

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.

Paolo Cioccetti, CEO Italy, VISUfarma, commented: “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.”

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.

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.

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

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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.

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 Lupin (BSE:500257, NSE: LUPIN, Reuters: LUPIN.BO, Bloomberg LPCIN)
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.

For further information or queries, please contact

GHO Capital media enquiries
ICR Healthcare
Amber Fennell, Kris Lam
Tel: +44 (0) 20 3709 5700
ghocapital@icrhealthcare.com

Lupin media enquiries
Rajalakshmi Azariah
Vice President & Global Head – Corporate Communications, Lupin
rajalakshmiazariah@lupin.com