Lupin Ltd has acquired Mexico’s speciality pharmaceutical company Laboratorios Grin, for an undisclosed sum. The move marks Lupin’s entry into the Mexican and larger Latin American market.
Mexico is one of the fast-growing pharmaceutical markets, valued at over $13.5 billion and growing at 9-10 per cent annually.
Incorporated in 1955, Grin makes and sells branded ophthalmic products, and recorded revenues of approximately $28 million in 2013. The company has over 275 employees.
Vinita Gupta, Lupin’s Chief Executive Officer, said the acquisition is a reflection of Lupin’s commitment to expand into the Latin American market and build its global specialty 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 their commercial presence to enter other promising therapy segments,” she said in a company statement.