 "Lupin buys Laboratorios Grin")
Pharma major Lupin Limited has acquired 100% equity stake in Laboratorios Grin, S.A. De C.V. (Grin), Mexico. The acquisition, subject to certain closing conditions, 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.
Incorporated in 1955, Grin is a specialty pharmaceutical company engaged in the development, manufacturing & commercialization of branded ophthalmic products. Laboratorios Grin recorded revenues of approximately $28 million in calendar year, 2013 and has over 275 employees.
Vinita Gupta, Chief Executive Officer, Lupin Limited said, "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"
Lupin is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space.
Lupin is the 5th largest and fastest growing generics player in the US (5.3% market share by prescriptions, IMS Health) and the 3rd largest Indian pharmaceutical company by sales. For the financial year ended March 2013, Lupin's consolidated total income and Profit after Tax were Rs 94,61 crore ($1.74 billion) and Rs 13,14 crore ($242 million) respectively.