Mumbai: 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 (Rs 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 Rs 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 Rs 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 Tanklike 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, mineral
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