Generic Drug M&A Wave Rises: Indian Pharma Giant Lupin Enters High-Value Ophthalmology Segment

　　【Pharmaceutical Network Industry Dynamics】Recently, Lupin Ltd. announced the completion of its acquisition of VISUfarma B.V. (VISUfarma). It is reported that VISUfarma has a well-established commercial network in key European markets such as Italy, the UK, Spain, Germany, and France, along with an operational team possessing deep ophthalmic expertise and local market insights.
 

After acquiring VISUfarma, Lupin's ophthalmology portfolio will expand to over 60 brands, covering areas such as dry eye, glaucoma, eyelid hygiene, retinal health, and specialized nutritional supplements. While further enhancing profitability, it will also accelerate the expansion of its overseas business.
 

Industry analysts believe that Lupin's acquisition of VISUfarma is actually a typical "strategy-driven" transaction within the pharmaceutical industry. It clearly reflects the current trend in the pharmaceutical sector where many companies are achieving rapid product and market expansion in high-growth therapeutic areas through precise mergers and acquisitions, thereby driving business transformation and growth.
 

It is reported that in recent years, many pharmaceutical companies have actually been stepping up their investments in high-value sectors such as ophthalmology, rapidly acquiring overseas commercial networks, and transitioning from generic drugs to high-margin specialty drugs through acquisitions.
 

For example, in March 2025, Sun Pharmaceutical Industries, a leading Indian generic drug company, announced its acquisition of Checkpoint Therapeutics, a U.S.-based immunotherapy and targeted oncology company. According to the agreement, the total upfront consideration for this acquisition is up to $355 million. Checkpoint Therapeutics focuses on developing novel therapies for patients with solid tumors. Its PD-L1 monoclonal antibody UNLOXCYT™ (Cosibelimab-ipdl) has been approved by the U.S. FDA for marketing to treat adult patients with metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC who are not eligible for curative surgery or curative radiotherapy.
 

In March 2023, Sun Pharma announced that it would acquire innovative pharmaceutical company Concert Pharma for $5.67 billion. Concert Pharma owns deuruxolitinib, a selective JAK1/2 inhibitor that ranks among the first tier of numerous JAK1/2 inhibitors and has received FDA Breakthrough Therapy Designation for the treatment of alopecia areata.
 

In September 2025, Lotus Pharmaceuticals, a leading player in Asia's generic drug market, announced the acquisition of 100% equity in Alvogen for $2 billion. It is reported that Lotus focuses its business on the Asian market, while Alvogen has established a mature system through years of operation in the U.S. market. Through this acquisition, Lotus can directly access Alvogen’s core resources in the United States, addressing its weakness in the North American market.
 

In July 2025, an announcement by Sino Biopharm showed that it would acquire 95.09% of Shanghai Limin Pharmaceuticals for a total consideration of $950.9 million. It is reported that Limin Pharmaceuticals focuses on the research and development of innovative biologics with global FIC and BIC potential, achieving breakthroughs in multiple fields such as lung cancer, gastrointestinal cancer, and autoimmune diseases. Through this transaction, Sino Biopharm’s R&D capabilities in cutting-edge molecular types and tumor immunology will be further strengthened, significantly enhancing its core competitiveness and international influence in the field of oncology innovation.
 

　　……
 

Overall, under the major trend of pharmaceutical innovation, traditional pharmaceutical companies in China are accelerating their efforts to enhance innovation and are beginning to heavily invest in biotechnology, which represents the future. Going forward, companies that can cross technological boundaries, integrate global resources, and build strong industrial ecosystems are expected to embrace more opportunities.
 

　Disclaimer: Under no circumstances shall the information or opinions expressed in this article constitute investment advice to any person.