Pharma Major Lupin Ltd. has entered an agreement to acquire Laboratorios Grin, S.A. De C.V. (Grin), based in Mexico. The acquisition expands Lupin's footprint into the Mexican and greater Latin American pharmaceuticals market.
Grin is a specialty pharmaceutical company engaged in the development, manufacture, and commercialization of branded ophthalmic products, with revenues of approximately $28 million in 2013, and more than 275 employees.
Ms. Vinita Gupta, chief executive officer, Lupin Ltd. said, "We are very 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 specialty 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."
Mr. Victor Fregoso, president of 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. I wish Grin and Lupin the very best in their future endeavors."