Mumbai-based pharmaceutical firm Lupin Ltd has forayed into Mexican market with the acquisition of 100 per cent equity stake in Mexico-based ophthalmic products firm Laboratorios Grin, S.A. De C.V. (Grin) for an undisclosed sum, according to a stock exchange disclosure. The acquisition is, however, subject to certain closing conditions.
Mexico is one of the world’s fastest growing pharmaceutical markets valued at over $13.5 billion and growing at 9-10 per cent annually.
“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,” Vinita Gupta, CEO of Lupin, said in the statement.
Earlier last month, Lupin acquired Dutch firm Nanomi B.V. for an undisclosed amount, foraying into the technology intensive complex injectables space.
Founded in 1955, Laboratorios Grin—the fourth-largest pharmaceutical company in Mexico—is engaged in the development, manufacturing and commercialisation of branded ophthalmic products. In 2013, the company had clocked revenue of around $28 million and has an headcount of 275.
It owns a manufacturing and research and development facility in Mexico City and supplies products to around 10 countries in central and Latin America.
“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,” said Victor Fregoso, president, Laboratorios Grin, in a statement.
On the other side, established in 1968 by Desh Bandhu Gupta, Lupin is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space. The company started selling branded products in the US in 2004 after acquiring Suprax antibiotic from Wyeth.
It is the third-largest Indian pharmaceutical company by revenues and 5th largest and fastest growing generics player in the US market.
(Edited by Joby Puthuparampil Johnson)