India-based drugmaker Lupin has acquired 100% equity interest in Brazilian pharmaceutical firm Medquímica Indústria Farmacêutica.

The deal’s terms have not been disclosed. The acquisition will expand Lupin’s operations in the Latin American pharmaceuticals market, which has nearly doubled in size from 2009-13, expanding at a CAGR of 17%.

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Brazil’s pharmaceutical market is the sixth largest market in the world, and has been driven by factors such as increase in public health expenditure and household income.

"There are a lot of synergies to the acquisition and Lupin would leverage its research and technology strengths to build a high-quality product pipeline, and use Medquímica’s commercial presence to expand business by targeting niche high-growth therapy segments."

Lupin acquired Mexico-based specialty pharmaceuticals firm Laboratorios Grin in the same region in 2014.

Lupin CEO Vinita Gupta said: "There are a lot of synergies to the acquisition and Lupin would not only leverage its research and technology strengths to build a high-quality product pipeline, but also use Medquímica’s commercial presence to expand business by targeting niche high-growth therapy segments.

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"The acquisition is also a reflection of Lupin’s commitment to expand into the Latin American market and an important part of Lupin’s emerging markets play going forward."

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Founded in 1975, Medquímica is involved in the development, manufacturing and commercialisation of branded generics, pure generics and over-the-counter (OTC) products.

With around 550 employees, the company reported net revenues of around R$94m ($31m) in the last fiscal year.

Lupin develops and produces a wide range of branded and generic formulations, as well as biotechnology products and active pharmaceutical ingredients (APIs).

Its products are targeted for application areas such as cardiovascular, diabetology, asthma, paediatric, central nervous system (CNS), and anti-infective.