Indian drugmaker Lupin and a clutch of private equity investors including EQT Partners and TPG Capital are in separate early-stage discussions to acquire UK’s largest nutraceutical company, Vitabiotics, people aware of the development said. The potential deal is expected to value the Lalvani family-owned business at around £1 billion (₹11,800 crore).
Lupin is in discussions with a couple of PE firms to form a consortium to bid for the asset, the people said. Several Indian players — including Mankind Pharma and Zydus Wellness — had also evaluated the opportunity but stepped back amid steep valuation expectations, they said.
Houlihan Lokey is advising the promoters on the sale process.
The British company’s Indian arm, Meyer Vitabiotics, contributes roughly 20% to its £253 million (about ₹3,000 crore) annual sales, according to the people. Its Calcimax brand holds a dominant position across paediatrics, diabetes, cardiac care, and women’s health segments, especially pregnancy and menopause. Meyer's prescription drug sales posted ₹412 crore for the 12 months through October 2025, growing at 13% on a moving annual total (MAT) basis, show data from industry tracker PharmaTrac.
Vitabiotics’ top-selling brands include Wellwoman, Wellbaby, Pregnacare, Menopace, Feroglobin, Immunace, Visionace, Perfectil and Osteocare.
The company is reviving plans to sell the business and working with advisers to gauge interest from potential buyers, Bloomberg reported in February.
Unilever and Nestle were also reported as suitors for the business.
Emails sent to Vitabiotics, TPG and Lupin did not elicit any responses till the press time Sunday. An EQT spokesperson declined to comment.
Founded in 1971 by British-Indian businessman Kartar Lalvani, Vitabiotics is currently led by his son, Tej Lalvani, who had appeared as an investor on BBC’s Dragon’s Den, the Shark Tank-like programme where entrepreneurs pitch business ideas to wealthy investors.
The company expanded its Southeast Asian footprint in 2008 by acquiring Sandoz Asia’s manufacturing facilities in Indonesia, enabling in-house production of international products while continuing toll manufacturing for Sandoz and Apex.
Zydus Wellness dropped plans to pursue Vitabiotics after it acquired UK-based Comfort Click in the vitamins, minerals and supplements segment. Mankind Pharma, after showing early interest, did not proceed further, the people said.
A Mankind Pharma spokesperson said the company is not bidding for Vitabiotics.
Nutraceuticals remain a fast-growing segment in India, with doctors increasingly co-prescribing vitamins, minerals and supplements along with standard therapies.
India’s vitamins, minerals and nutraceuticals market is valued at Rs 20,864 crore annually and is expanding at 9% on a MAT basis, according to PharmaTrac. Vitamins accounted for ₹9,304 crore in annual sales as of October this year.
Leading Indian drug makers are increasing their focus on the nutraceuticals and healthcare supplements business due to their pricing flexibility. Besides, nutraceuticals marketed through the ethical route (via doctor's prescription) can also be sold as over-the-counter products.
Swedish investment major EQT, which manages $309 billion in assets, has a long history of large UK transactions. In 2023, it acquired veterinary pharmaceuticals company Dechra for £4.5 billion in partnership with the Abu Dhabi Investment Authority.
Indian pharmaceutical companies have been on an aggressive acquisition spree over the last couple of years, seeking global footprints and entry into new therapeutic areas.
In April, Lupin Healthcare (UK) Ltd, acquired Renascience Pharma, a UK-based pharmaceutical company, for £12 million. Lupin also acquired Amsterdam-based VISUfarma BV at an enterprise value of 190 million in September.
In 2025 Zydus announced two major cross-border deals: Zydus Wellness’ 239 million takeover of Comfort Click to enter the global VMS market and Zydus Lifesciences’ acquisition of two US manufacturing facilities from Agenus for up to $125 million to expand into contract development and manufacturing in the biologics space.
The healthcare and pharmaceutical sector recorded a sharp rise in investment activity in the quarter ended September, notching up 72 transactions worth nearly $3.5 billion, a 166% jump over the previous quarter, according to Grant Thornton. Outbound activity rose 5.3x sequentially to the highest quarterly levels ever, led by pharma & biotech, hospitals and medical devices, as Indian firms pursued overseas acquisitions for scale, capabilities and diversification.
Lupin is in discussions with a couple of PE firms to form a consortium to bid for the asset, the people said. Several Indian players — including Mankind Pharma and Zydus Wellness — had also evaluated the opportunity but stepped back amid steep valuation expectations, they said.
Houlihan Lokey is advising the promoters on the sale process.
The British company’s Indian arm, Meyer Vitabiotics, contributes roughly 20% to its £253 million (about ₹3,000 crore) annual sales, according to the people. Its Calcimax brand holds a dominant position across paediatrics, diabetes, cardiac care, and women’s health segments, especially pregnancy and menopause. Meyer's prescription drug sales posted ₹412 crore for the 12 months through October 2025, growing at 13% on a moving annual total (MAT) basis, show data from industry tracker PharmaTrac.
Vitabiotics’ top-selling brands include Wellwoman, Wellbaby, Pregnacare, Menopace, Feroglobin, Immunace, Visionace, Perfectil and Osteocare.
The company is reviving plans to sell the business and working with advisers to gauge interest from potential buyers, Bloomberg reported in February.
Unilever and Nestle were also reported as suitors for the business.
Emails sent to Vitabiotics, TPG and Lupin did not elicit any responses till the press time Sunday. An EQT spokesperson declined to comment.
Founded in 1971 by British-Indian businessman Kartar Lalvani, Vitabiotics is currently led by his son, Tej Lalvani, who had appeared as an investor on BBC’s Dragon’s Den, the Shark Tank-like programme where entrepreneurs pitch business ideas to wealthy investors.
The company expanded its Southeast Asian footprint in 2008 by acquiring Sandoz Asia’s manufacturing facilities in Indonesia, enabling in-house production of international products while continuing toll manufacturing for Sandoz and Apex.
Zydus Wellness dropped plans to pursue Vitabiotics after it acquired UK-based Comfort Click in the vitamins, minerals and supplements segment. Mankind Pharma, after showing early interest, did not proceed further, the people said.
A Mankind Pharma spokesperson said the company is not bidding for Vitabiotics.
Nutraceuticals remain a fast-growing segment in India, with doctors increasingly co-prescribing vitamins, minerals and supplements along with standard therapies.
India’s vitamins, minerals and nutraceuticals market is valued at Rs 20,864 crore annually and is expanding at 9% on a MAT basis, according to PharmaTrac. Vitamins accounted for ₹9,304 crore in annual sales as of October this year.
Leading Indian drug makers are increasing their focus on the nutraceuticals and healthcare supplements business due to their pricing flexibility. Besides, nutraceuticals marketed through the ethical route (via doctor's prescription) can also be sold as over-the-counter products.
Swedish investment major EQT, which manages $309 billion in assets, has a long history of large UK transactions. In 2023, it acquired veterinary pharmaceuticals company Dechra for £4.5 billion in partnership with the Abu Dhabi Investment Authority.
Indian pharmaceutical companies have been on an aggressive acquisition spree over the last couple of years, seeking global footprints and entry into new therapeutic areas.
In April, Lupin Healthcare (UK) Ltd, acquired Renascience Pharma, a UK-based pharmaceutical company, for £12 million. Lupin also acquired Amsterdam-based VISUfarma BV at an enterprise value of 190 million in September.
In 2025 Zydus announced two major cross-border deals: Zydus Wellness’ 239 million takeover of Comfort Click to enter the global VMS market and Zydus Lifesciences’ acquisition of two US manufacturing facilities from Agenus for up to $125 million to expand into contract development and manufacturing in the biologics space.
The healthcare and pharmaceutical sector recorded a sharp rise in investment activity in the quarter ended September, notching up 72 transactions worth nearly $3.5 billion, a 166% jump over the previous quarter, according to Grant Thornton. Outbound activity rose 5.3x sequentially to the highest quarterly levels ever, led by pharma & biotech, hospitals and medical devices, as Indian firms pursued overseas acquisitions for scale, capabilities and diversification.
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