BALTIMORE — Lupin on Thursday announced the acquisition of 100% equity stake in Laboratorios Grin, 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 pharmaceutical markets in the world, valued at more than $13.5 billion and growing at 9% to 10% annually.
"This acquisition is a reflection of Lupin's commitment to expand into the Latin American market and build its global specialty business," said Vinita Gupta, Lupin CEO. "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."
Incorporated in 1955, Grin is a specialty pharmaceutical company engaged in the development, manufacturing and commercialization of branded ophthalmic products. Laboratorios Grin recorded revenues of approximately $28 million in calendar year 2013.