Page 84 - IACC Newsletter March-April 2014 Issue 03

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India’s Investments in U.S
Lupin buys Mexican firm Grin
Drug maker Lupin has acquired Mexico’s speciality pharmaceutical company Laboratories Grin for an undisclosed sum.
The move marks Lupin’s entry into the Mexican and larger Latin American market.
Long search
Lupin had been scouting for an opportunity in these regions for over five years now, said Lupin Managing Director Nilesh
Gupta, and the Mexican acquisition helps in not just expanding the basket of products there, but in targeting the Brazilian
market, as well, he added. Incorporated in 1955, Grin makes and sells branded ophthalmic products, and recorded
revenues of approximately $ 28 million in 2013.
The company will run as a separate entity, with Grin’s 275 employees, said Gupta.
Vinita Gupta, Lupin’s Chief Executive Officer, said the acquisition reflects Lupin’s commitment to expand into the Latin
American market and build its global specialty business.
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