In an exclusive BioPharma BoardRoom conversation, Thierry Volle, President – EMEA and Emerging Markets at Lupin, discusses how the acquisition of VISUfarma will anchor Lupin’s European expansion, elevate its specialty focus, and redefine its role in the fast-growing global eye health market.
The €190 million acquisition of VISUfarma marks a pivotal moment in Lupin’s transformation into a global specialty-led biopharma. With VISUfarma’s established European infrastructure and a robust portfolio of over 60 ophthalmology brands, Lupin gains a powerful launchpad to scale its presence across major EU markets and beyond. In this insightful exchange, Thierry Volle shares how ophthalmology will become central to Lupin’s growth narrative—bridging innovation, integration, and global market access from Europe to Asia.
How does the €190 million acquisition of VISUfarma reshape Lupin's overall growth strategy in Europe, and what role will ophthalmology play in your global specialty portfolio going forward?
The agreed 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 while advancing the company's global specialty franchise. The acquisition will serve as the cornerstone for Lupin's ophthalmology operations, driving growth across the EU, US, India, and other global markets. VISUfarma's established European operations will provide market expansion opportunities and direct presence across major European countries, including Italy, the UK, Spain, Germany and France. Moving forward, ophthalmology will be central to our global specialty franchise, establishing a direct gateway to the fast-growing EU ophthalmology market while leveraging our US and Mexico portfolio to accelerate growth globally.
The ophthalmology market is expanding rapidly due to ageing populations and rising diabetes rates. Where does Lupin see the strongest unmet need, and how does VISUfarma's portfolio position you to address it?
By integrating VISUfarma's established commercial operations, Lupin will tap into the attractive ophthalmology market, which is experiencing significant global growth driven by an aging global population, increasing incidence of diabetes-related eye complications, and growing awareness of preventive care. We see the strongest unmet needs in areas where VISUfarma already excels, through its portfolio of preservative-free branded OTx, Rx and supplements. The acquisition will enhance access to innovative treatments for both front- and back-of-the-eye disorders, addressing unmet medical needs in Europe, Southeast Asia, and beyond. With this integration, we will offer a complete portfolio of products in dry eye, glaucoma, eyelid hygiene, blepharitis, retinal health and highly focused nutraceuticals prescribed by ophthalmologists.
What are the immediate priorities in integrating VISUfarma's established commercial infrastructure, and how quickly do you expect to realise synergies across key European markets such as Italy, the UK, Spain, Germany, and France?
The acquisition will integrate VISUfarma's specialty ophthalmology portfolio with Lupin's existing operations, enabling geographic expansion and leveraging complementary R&D and product offerings. Our immediate priority is leveraging VISUfarma's pan-European commercial footprint, which establishes direct operations in all major EU markets ensuring comprehensive coverage and access. We plan to integrate VISUfarma's portfolio with our own U.S. and Mexico offerings to accelerate growth in Europe. The transaction is expected to close by the end of 2025 and is projected to be accretive to both sales growth and EBITDA margins while adding scale to Lupin's European business.
Beyond being "immediately accretive," how significant will VISUfarma's contribution be to Lupin's margins and topline growth in the short to medium term?
The transaction will be funded through Lupin's existing cash on the balance sheet and is expected to be accretive to Lupin's growth and margin profile. The acquisition enhances Lupin's branded portfolio and expands its market presence globally, with VISUfarma generating 95% of its revenues from EU and UK markets, as well as having a commercial presence in over 20 countries.
With VISUfarma's 60+ branded products in areas like dry eye, glaucoma, and retinal health, how does Lupin plan to further innovate or expand this portfolio—are new R&D collaborations or launches in the pipeline?
Lupin intends to maintain and expand VISUfarma's portfolio, focusing on unmet medical needs in areas like dry eye, glaucoma, and retinal health. VISUfarma brings an attractive pipeline of products under development expected to meaningfully enhance Lupin's European growth going forward. We aim to expand VISUfarma's product pipeline through targeted R&D investments and in-licensing opportunities.
While the deal strengthens your European footprint, do you also see opportunities to leverage VISUfarma's portfolio in other geographies such as North America or Asia?
VISUfarma's broad portfolio of 60+ branded ophthalmology products will present growth opportunities to accelerate Lupin's expansion into the specialty segment across regions, driving growth in Europe and other markets. We plan to integrate VISUfarma's portfolio with our own U.S. and Mexico offerings while expanding our ophthalmology franchise to Southeast Asia, leveraging VISUfarma's expertise and product range. The acquisition will enhance access to innovative treatments for both front- and back-of-the-eye disorders, addressing unmet medical needs in Europe, Southeast Asia, and beyond.
