MUMBAI 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)