India's Lupin to buy eye treatment drugmaker in Mexico

MUMBAI, March 27 Thu Mar 27, 2014 4:39am EDT

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MUMBAI, March 27 (Reuters) - Lupin Ltd, India's No. 4 drugmaker by revenue, said on Thursday it has agreed to buy eye-treatments maker Laboratorios Grin S.A. De C.V for an undisclosed amount, moving into Mexico's $275 million ophthalmic market.

Grin, which makes branded generic drugs and had full-year 2013 revenues of $28 million, is the fourth largest player in Mexico's ophthalmic segment, according to Lupin.

The acquisition marks Lupin's entry into Latin America, a market the company has previously said it expects will contribute a large part to its future growth.

Grin is Lupin's second acquisition this year.

In February, the company said it bought Netherlands-based Nanomi BV, which has technology to develop complex injectable products - a space many Indian generic drugmakers have increased focus on. (Reporting by Zeba Siddiqui; Editing by Sunil Nair)

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