Pharma major Lupin announced today the acquisition of 100% equity stake in  Laboratorios Grin,  S.A. De  C.V.  (Grin), Mexico,  subject  to  certain  closing  conditions. The  acquisition marks Lupin's foray into the high growth Mexican and the larger Latin American pharmaceuticals market. Mexico is one of  the  fastest growing pharmaceutical markets  in  the world valued at over USD 13.5 billion and growing at 9! 10% annually.

Commenting on the acquisition, Sarabjit Kour Nangra, VP - Research - Pharma, Angel Broking said, ''The acquisition marks Lupin's foray into the high growth Mexican and the larger Latin American pharmaceuticals market. Mexico is one of the fastest growing pharmaceutical markets in the world valued at over USD 13.5 billion and growing at 9-10% annually.

Grin is a leading ophthalmic player and a trusted brand in Mexico. Laboratorios Grin recorded revenues of approximately USD 28 million in CY2013 and has over 275 employees.

The acquisition will provide a lot of synergies to the company and add to its ophthalmic pipeline. We remain neutral on the stock.''

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