Mumbai: Indian drugmaker

孟买：印度制药商

Lupin

鲁邦三世

and a clutch of private equity investors including

以及包括一些私人股权投资者在内的群体

EQT Partners

EQT合作伙伴

and

和

TPG Capital

TPG资本

are in separate early-stage discussions to acquire UK’s largest nutraceutical company,

正在分别进行早期谈判，以收购英国最大的营养保健品公司，

Vitabiotics

维他命

, 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).

知情人士透露，这笔潜在的交易预计会使得 Lalvani 家族企业的估值达到约 10 亿英镑（1180 亿印度卢比）。

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

鲁宾正在与几家私募股权公司进行谈判，以组建一个财团来竞购该资产，消息人士称。一些印度企业——包括

Mankind Pharma

人类制药

and

和

Zydus Wellness

Zydus Wellness

— had also evaluated the opportunity but stepped back amid steep valuation expectations, they said.

——也评估过这个机会，但因估值预期过高而退出，他们说。

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, especi- ally pregnancy and menopause.

霍利汉·洛基公司正在就销售过程向发起人提供咨询。据知情人士透露，这家英国公司旗下的印度分公司Meyer Vitabiotics的年销售额约为2.53亿英镑（约300亿卢比），其中大约20%来自该分公司。其品牌Calcimax在儿科、糖尿病、心脏护理和女性健康领域，尤其是怀孕和更年期方面占据主导地位。

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. .

迈耶的处方药销售额在截至 2025 年 10 月的 12 个月内达到 41.2 亿卢比，根据行业追踪机构 PharmaTrac 的数据显示，其按移动年度总计（MAT）计算增长了 13%。

Vitabiotics’ top-selling brands include Wellwoman, Wellbaby, Pregnacare, Menopace, Feroglobin, Immunace, Visionace, Perfectil and Osteocare.

Vitabiotics的畅销品牌包括Wellwoman、Wellbaby、Pregnacare、Menopace、Feroglobin、Immunace、Visionace、Perfectil和Osteocare。

The company is reviving plans to sell the business and working with advisers to gauge interest from potential buyers, Bloomberg reported in February.

彭博社今年2月报道称，该公司正在重启出售业务的计划，并与顾问合作评估潜在买家的兴趣。

Live Events

现场活动

Unilever and

联合利华和

Nestle

雀巢

were also reported as suitors for the business.

据报道，也有其他公司表示有兴趣收购这项业务。

Emails sent to Vitabiotics, TPG and

发送到Vitabiotics、TPG的电子邮件和

Lupin

鲁宾

did not elicit any responses till the press time Sunday. An EQT spokesperson declined to comment.

截至周日新闻发布时间，仍未得到任何回应。EQT发言人拒绝评论。

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 Tanklike programme where entrepreneurs pitch business ideas to wealthy investors.

维特比奥莱公司由英籍印度商人卡塔尔·拉尔瓦尼于1971年创立，目前由其子 tej lalvani 领导，他曾作为投资人出现在BBC的《龙穴》节目中，这是一档类似《创智赢家》的节目，创业者们在节目中向富有投资者推介商业理念。

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.

2008年，该公司通过收购山德士亚洲在印度尼西亚的制造设施，扩大了其在东南亚的业务范围，从而实现了国际产品的内部生产，同时也继续为山德士和Apex提供代工制造服务。

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.

Zydus Wellness 在收购英国的 Comfort Click 后放弃了追求 Vitabiotics 的计划，Comfort Click 属于维生素、矿物质和补充剂领域。据知情人士透露，Mankind Pharma 在表现出初步兴趣后并未继续推进。

A

A

Mankind Pharma

人类制药

spokesperson said the company is not bidding for Vitabiotics.

发言人表示，公司并未竞标维他命制药公司。

FAST-GROWING SEGMENT

快速增长的细分市场

Nutraceuticals remain a fastgrowing segment in India, with doctors increasingly co-prescribing vitamins, minerals and supplements along with standard therapies.

营养保健品在印度仍然是一个快速增长的领域，医生们越来越多地在标准疗法之外共同开具维生素、矿物质和补充剂的处方。

India’s vitamins, minerals and

印度的维生素、矿物质和

nutraceuticals market

营养保健品市场

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.

根据PharmaTrac的数据，该市场每年估值为20,864亿卢比，并以MAT为基础每年增长9%。截至今年十月，维生素的年销售额达到9,304亿卢比。

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.

印度主要制药企业正因其定价灵活性而加大对营养保健品和健康补充剂业务的关注。此外，通过道德途径（经医生处方）销售的营养保健品也可以作为非处方药出售。

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.

瑞典投资巨头EQT管理着3090亿美元的资产，有着在英国进行大宗交易的悠久历史。2023年，它与阿布扎比投资局合作，以45亿英镑收购了兽医药品公司Dechra。

ACQUISITION SPREE

收购狂潮

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.

印度制药公司过去几年一直在进行积极的收购，寻求全球足迹并进入新的治疗领域。

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.

今年 4 月，卢平医疗保健公司 (英国) 有限公司以 1200 万英镑的价格收购了英国制药公司 Renascience Pharma。9 月，卢平还以 1.9 亿英镑的企业价值收购了总部位于阿姆斯特丹的 VISUfarma BV。

In 2025

2025年

Zydus

赛杜斯

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.

宣布了两笔重大的跨境交易：Zydus Wellness以2.39亿英镑收购Comfort Click，进军全球VMS市场，以及Zydus Lifesciences以高达1.25亿美元的价格从Agenus收购两家美国制造工厂，以拓展生物制品领域的合同开发和制造业务。

.

。

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..

根据Grant Thornton的数据，截至9月的季度，医疗保健和制药领域的投资活动显著增加，达成了72笔交易，总价值近35亿美元，较上一季度增长了166%。在印度企业追求规模、能力和多样化的推动下，海外并购活动环比增长了5.3倍，达到有史以来的最高季度水平，其中制药与生物技术、医院和医疗设备领域处于领先地位。

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