Lupin enters Latin American market with acquisition of Laboratorios Grin
A specialist ophthalmic company based in Mexico
Mumbai-based drug company Lupin has purchased Laboratorios Grin in Mexico, marking its first foray into the high growth Mexican and the larger Latin American pharmaceuticals market. Mexico is said to be one of the fastest-growing pharmaceutical markets in the world valued at over US$13.5bn and growing at 9–10% annually.
No financial details have been disclosed.
Founded in 1955, Grin is a specialist developer and manufacturer of branded ophthalmic products. It reported revenues of approximately $28m in 2013 and has more than 275 employees.
Commenting on the acquisition, Vinita Gupta, Chief Executive of Lupin, said: 'This acquisition is a reflection of Lupin's commitment to expand into the Latin American market and build its global speciality business. We see a lot of synergies in this acquisition and plan to bring our ophthalmic pipeline to build the Grin business as well as leverage its commercial presence to enter other promising therapy segments.'
This is Lupin's second acquisition this year. In February it bought Dutch company Nanomi, a provider of advanced drug delivery products.
