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.
Upon 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.
Established 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.
Taro Pharmaceutical Industries Ltd. is a multinational pharmaceutical company.