India’s Lupin acquires Laboratorios Grin to enter Latin American market

Indian pharma major Lupin (BSE: 500257) has acquired a 100% equity stake in Mexican company Laboratorios Grin, subject to certain closing conditions. Financial terms of the transaction were not disclosed.

The acquisition marks Lupin’s foray into the high growth Mexican and the larger Latin American pharmaceuticals market. Mexico is one of the fastest growing pharmaceutical markets in the world valued at over $13.5 billion and growing at 9%-10% annually.

Vinita Gupta, chief executive of Lupin, said: “We are very pleased with our entry into the Mexican market through Laboratorios Grin. This 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.”