INDIAN drugmaker Lupin and private equity giants TPG Capital and EQT Partners are in early-stage discussions to acquire the UK’s largest nutraceutical company, Vitabiotics, people aware of the development told Economic Times.
The potential deal is expected to value the Lalvani family-owned business, founded over five decades ago by British Indian entrepreneur Dr Kartar Lalvani, at around £1 billion.
According to ET, Lupin is exploring a consortium structure with one of the private equity firms for a possible bid.
Founded in 1971, Vitabiotics has grown into the UK’s largest vitamins, minerals and supplements company, with annual revenues of about £250 million and sales across nearly 80 countries.
The company is best known for brands such as Wellwoman, Wellbaby, Pregnacare, Menopace, Feroglobin, Immunace, Visionace, Perfectil and Osteocare, which are widely marketed through pharmacies and national advertising campaigns.
Vitabiotics is currently led by Tej Lalvani, son of the founder, who gained wider public recognition through his appearances on the BBC’s Dragons’ Den.
Dr Kartar Lalvani, who holds a PhD in science from Bonn University, remains closely associated with the business, while his elder son Ajit Lalvani, a professor of infectious diseases at Imperial College London, chairs the company’s scientific advisory board.
According to Economic Times, several Indian companies, including Mankind Pharma and Zydus Wellness, had evaluated the opportunity earlier but decided not to proceed due to valuation concerns. A spokesperson for Mankind Pharma said the company is not bidding for Vitabiotics.
Vitabiotics’ Indian arm, Meyer Vitabiotics, contributes around 20 per cent of the group’s annual sales, people aware of the matter told the newspaper. Its flagship brand in India, Calcimax, holds a strong position across paediatrics, diabetes, cardiac care and women’s health, particularly pregnancy and menopause.
Prescription sales from Meyer Vitabiotics stood at £39.2m for the 12 months through October 2025, growing 13 per cent on a moving annual total basis, according to PharmaTrac data.
The company has also expanded its manufacturing footprint internationally, including the acquisition of Sandoz Asia’s facilities in Indonesia in 2008, enabling in-house production while continuing contract manufacturing for other pharmaceutical players.
The discussions come amid rapid growth in India’s nutraceutical market, which is valued at £1.99bn annually and expanding at 9 per cent on a moving annual total basis.
Vitabiotics did not respond to a request for comment from Eastern Eye, while TPG Capital declined to comment.
Indian pharmaceutical companies have been actively pursuing overseas acquisitions to build global scale and diversify portfolios. Lupin recently acquired UK-based Renascience Pharma and Amsterdam-headquartered VISUfarma BV, while peers such as Zydus have completed multiple cross-border deals in the vitamins and biologics segments.
The Lalvani family was ranked 18th in Eastern Eye's Asian Rich List 2026 with an estimated wealth of £970m.
