MUMBAI, India and HAWTHORNE, N.Y. — Sun
Pharmaceutical Industries Ltd. and Taro Pharmaceutical Industries Ltd. have
entered into a merger agreement together with certain affiliates of Sun Pharma.
The merger agreement provides that all shareholders of Taro other than Sun
Pharma and its affiliates will receive a cash payment of $39.50 per share upon
the closing of the merger. Sun Pharma and its affiliates collectively own
approximately 66% of the outstanding Taro ordinary shares and 100% of Taro’s
founders’ shares, representing approximately 77.5% of the outstanding voting
power in Taro.
completion of the merger, Taro will become a privately held company, will be
wholly owned by affiliates of Sun Pharma, and its ordinary shares will no
longer be traded on the New York Stock Exchange.
in 1983, listed since 1994 and headquartered in India, Sun Pharmaceutical
Industries Ltd. is an international, integrated, specialty pharmaceutical
company. It manufactures and markets a large basket of pharmaceutical
formulations as branded generics as well as generics in India, the United
States and several other markets across the world.
Pharmaceutical Industries Ltd. is a multinational pharmaceutical company.