The acquisition marks Lupin’s foray into the high growth Mexican and the larger Latin American pharmaceuticals market
Lupin has acquired 100 per cent equity stake in Laboratorios Grin, Mexico, subject to certain closing conditions. 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 pharma markets in the world valued at over $13.5 billion and growing at 9-10 per cent annually.
Commenting on the acquisition, Vinita Gupta, Chief Executive Officer, Lupin said, “We are 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 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 their commercial presence to enter other promising therapy segments.”
Victor Fregoso, President, Grin commented, “I am delighted with Grin’s association with Lupin. Having nurtured and built Grin for so long, I firmly believe that the future and growth of Grin would be best handled by the management and technology expertise that Lupin brings to table. I wish Grin and Lupin the very best in their future endeavours.”
Incorporated in 1955, Grin is a speciality pharma company engaged in the development, manufacturing and commercialisation of branded Ophthalmic products. Grin is a leading ophthalmic player and a trusted brand in Mexico. Laboratorios Grin recorded revenues of approximately $28 million in calendar year, 2013 and has over 275 employees.
EP News Bureau – Mumbai