Lupin to buy Mexican eye-treatments maker Laboratorios Grin
27 Mar 2014
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Lupin Ltd, India's fourth-largest drug maker by revenue, today struck a deal to buy privately-held Mexican eye-treatments maker Laboratorios Grin S.A. De C.V.
This is Lupin's second acquisition this year after it acquired Netherlands-based injectable company Nanomi BV. (See: Lupin acquires Dutch injectable company Nanomi BV)
Lupin, based in Mumbai, did not disclose the financial terms of the deal, but said that Laboratorios Grin is the fourth largest in the Mexican ophthalmic segment.
Founded in 1955 and based in Mexico City, Laboratorios Grin develops and manufactures branded generic drugs for the treatment of eyes. The company exports its products through a network of distributors in Central America, the Caribbean, and South America.
Laboratorios Grin has 270 employees and reported revenues of $28 million in 2013.
"We are very pleased with our entry into the Mexican market through Laboratorios Grin. 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," said, Vinita Gupta, CEO of Lupin.
Mexico is one of the fastest growing pharmaceutical markets in the world valued at over $13.5 billion and growing at 9-10 per cent annually.
Victor Fregoso, president of Laboratorios Grin said, ''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,'' he added.
This is Lupin's second acquisition this year after it acquired Netherlands-based injectable company Nanomi BV. (See: Lupin acquires Dutch injectable company Nanomi BV)
Lupin, based in Mumbai, did not disclose the financial terms of the deal, but said that Laboratorios Grin is the fourth largest in the Mexican ophthalmic segment.
Founded in 1955 and based in Mexico City, Laboratorios Grin develops and manufactures branded generic drugs for the treatment of eyes. The company exports its products through a network of distributors in Central America, the Caribbean, and South America.
Laboratorios Grin has 270 employees and reported revenues of $28 million in 2013.
"We are very pleased with our entry into the Mexican market through Laboratorios Grin. 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," said, Vinita Gupta, CEO of Lupin.
Mexico is one of the fastest growing pharmaceutical markets in the world valued at over $13.5 billion and growing at 9-10 per cent annually.
Victor Fregoso, president of Laboratorios Grin said, ''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,'' he added.
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