📌 At a Glance
Lupin (CMP ₹1,988.20, NSE: LUPIN) has just inked a license and supply agreement with SteinCares, a LATAM-based specialty healthcare player, to commercialize its biosimilar of Ranibizumab (think: cheaper Lucentis) in Latin America — excluding Mexico and Argentina.
It’s a no-brainer play in ophthalmology, where the therapy costs have been insane and access, limited. Now Lupin gets to ride on SteinCares’ regional muscle while keeping the manufacturing game in-house.
💉 What’s the Drug?
Ranibizumab is a biosimilar of Lucentis, used to treat:
- Wet Age-Related Macular Degeneration (wAMD)
- Diabetic Macular Edema (DME)
- Diabetic Retinopathy (DR)
- Retinal Vein Occlusion (RVO)
- Myopic CNV (mCNV)
| Drug | Marketed Version | Innovator | Annual Sales (Global) |
|---|---|---|---|
| Ranibizumab | Lucentis | Roche/Genentech | $3.1 Billion+ |
This is a high-cost, high-demand molecule, and with populations aging across Latin America, ophthalmic therapies are booming.
📈 Deal Structure
| Role | Company | Scope |
|---|---|---|
| Manufacturer | Lupin | Full-scale production of biosimilar Ranibizumab |
| Commercializer | SteinCares | Regulatory filings, distribution, and marketing in 30+ LATAM countries (ex-Mexico & Argentina) |
| Rights | Non-exclusive but region-specific |
Lupin doesn’t have to build boots on the ground — it gets LATAM exposure without LATAM headaches.
🧠 EduInvesting Take
“Lupin just got access to 500 million eyeballs — without blinking.”
This is textbook smart capital-light expansion:
- Lupin does what it does best: manufacture with global regulatory standards
- SteinCares does what it does best: run regional approvals and market access like a Latin American pro
💡This deal = zero SG&A costs for Lupin and a net-margin play via volume-based biosimilars.
🌎 Why Latin America?
| Metric | Value |
|---|---|
| Total LATAM Healthcare Spend | $400+ Billion annually |
| Eye Care Spend (2025 est.) | $6–8 Billion |
| Biosimilars Market CAGR | 28%+ in LATAM |
| Generic penetration (vs U.S.) | LOW (read: opportunity) |
Latin America is five years behind the West in biosimilar adoption — which is perfect timing for Lupin to enter with low-cost, high-quality options.
👨⚕️ Who Is SteinCares?
Think of them as the “Mankind Pharma of LATAM” — aggressive, regulatory-savvy, regionally embedded.
- 🏥 40 years in LATAM healthcare
- 🌎 Operations in 30+ countries
- 🧬 Big on biosimilars, niche generics, and complex injectables
- 💸 Known for “first-to-market” cost-saving launches across public procurement models
Their access = LATAM hospitals + insurance systems + tenders — something Lupin would take 10 years to build from scratch.
💹 What’s the TAM (Total Addressable Market)?
| Region | wAMD/DME Market (USD) |
|---|---|
| Brazil | $200M+ |
| Colombia | $80M |
| Chile + Peru | $60M |
| Rest of LATAM (excluding Mexico/Argentina) | $150–200M |
If Lupin and SteinCares can corner even 10% of this market, we’re talking about $40–50M in annual peak sales — from a single molecule.
And that’s before factoring in:
- 📈 New indications for Ranibizumab
- 💊 Lupin’s future biosimilar launches in the same region
- 🔁 Expansion into ophthalmic combination therapies
🧾 Strategic Benefits for Lupin
- ✅ Opens LATAM ophthalmology vertical with ready distribution
- ✅ Validates biologics manufacturing quality — crucial for U.S. & EU approvals
- ✅ Margin-rich vs traditional generics
- ✅ Provides a playbook for future biosimilars like Adalimumab, Bevacizumab
- ✅ Enhances global perception as a full-scale biosimilar player, not just a generic house
🚨 Risks
- 📋 LATAM regulatory timelines can be long and unpredictable
- 💉 Biosimilar education still needed — especially in rural LATAM
- 🤝 SteinCares has control over commercialization — Lupin must trust the partner
- 💵 Currency fluctuations in volatile LATAM economies
But these risks are balanced by zero CAPEX and strong market pull for cheaper alternatives to Lucentis.
🔮 What Next?
Lupin now has biosimilar partnerships across:
| Region | Partner | Drug |
|---|---|---|
| U.S./EU | Internal + Sandoz (pipeline) | Etanercept, Adalimumab |
| LATAM | SteinCares | Ranibizumab |
| India | Standalone | Various |
This global segmentation strategy de-risks launches and keeps local expertise where it’s most needed.
Think of Lupin as a biosimilar assembler with plug-and-play commercial partners by region.
🧠 EduVerdict
“Lupin is building the Netflix of pharma — content (drugs) stays in-house, distribution is geo-partnered.”
This Ranibizumab deal won’t shoot up next quarter profits, but it’s exactly the kind of strategic move that helps Lupin become a $1 billion biosimilars player by FY30.
🗓️ Published: May 26, 2025
✍️ By: Prashant Marathe
Tags: Lupin biosimilar Ranibizumab, LATAM pharma deals, SteinCares Lupin partnership, biosimilar opportunity in eye care, Lucentis generic India, EduInvesting pharma analysis
