Lupin completes acquisition of Mexico's Laboratories Grin

NEW DELHI: Drug firm Lupin has completed the acquisition of Mexico's Laboratories Grin, a leading player in ophthalmic products.

The closing conditions of the said acquisition were completed on September 30, 2014. Consequent to which, Lab Grin has become a wholly-owned subsidiary of the Company w.e.f. September 30, 2014," Lupin Ltd said in a filing to BSE.

"The acquisition marks Lupin's foray into the high growth Mexican and the larger Latin American ( LATAM) pharmaceuticals market," Lupin had said in a earlier statement when announcing the buy in March 27 this year.

The company has not disclosed the amount for which it has acquired the Mexican firm.

Incorporated in 1955, Grin is a speciality pharmaceutical company engaged in the development, manufacturing and commercialisation of branded ophthalmic products. It posted revenues of around $ 28 million in calendar year, 2013 and has over 275 employees.

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. According to IMS and other think tanks, it is expected to cross $ 18 billion by 2018.

Further, Mexican ophthalmic market is currently valued at $ 275 million and has grown at close to 10 per cent over the last 5 years. It is expected to reach $ 450 million by 2017-18.