India's Lupin to buy eye treatment drugmaker in Mexico

MUMBAI Thu Mar 27, 2014 4:42am EDT

An employee of Lupin Limited works at a reception at their headquarters in Mumbai November 22, 2013. REUTERS/Danish Siddiqui

An employee of Lupin Limited works at a reception at their headquarters in Mumbai November 22, 2013.

Credit: Reuters/Danish Siddiqui

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MUMBAI (Reuters) - Lupin Ltd (LUPN.NS), 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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