Lupin's $39.6M Philippine Expansion Targets Full Control of Multicare
Indian pharmaceutical giant Lupin is set to expand its footprint in the Philippines through a major acquisition. The company's subsidiary, Nanomi, will purchase a 43.38% stake in Multicare Pharmaceuticals Philippines, Inc. for up to $39.6 million in cash. Once completed, Lupin plans to eventually take full ownership of the firm. Multicare has grown steadily in the Philippine pharmaceutical market over the past three years. Between 2023 and 2025, the company boosted its market share from 12% to 18%, driven by an expanded generic drug portfolio and strategic partnerships. This growth came as competitors like Mercury Drug remained flat at 25–27% and Rose Pharmacy saw its share drop from 15% to 13%.
The deal involves acquiring 11,794,497 shares from existing shareholders. As of March 2025, Multicare reported a turnover of PHP 2,096.6 million and a net worth of PHP 1,265.5 million. The company specialises in trading, importing, marketing, and distributing pharmaceuticals and medical devices.
Lupin's management stated that the acquisition will strengthen its position in the Philippines. It also aligns with the company's wider strategy to consolidate its emerging market operations. By increasing control, Lupin gains more flexibility to integrate Multicare's business and unlock long-term value. The transaction marks a key step in Lupin's expansion in Southeast Asia. With greater ownership, the company can streamline operations and reinforce its presence in the Philippine market. The deal is expected to close following regulatory approvals.
