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Taro and Sun Pharma enter merger agreement

US firm Taro Pharmaceutical Industries is to merge with India-based Sun Pharmaceutical Industries.

13 August 2012

A successful international business negotiation process has seen two pharmaceutical companies agree to merge.

Sun Pharmaceutical Industries, which specialises in generics and is headquartered in India, will make US firm Taro Pharmaceutical Industries a wholly-owned subsidiary of some of its affiliates as part of the deal.

Taro Pharma, which makes both over-the-counter and prescription medication, will be delisted from the New York Stock Exchange as a result. Its shareholders will receive $39.50 (£25.21) per share upon completion of the transaction.

About two-thirds of Taro Pharma's outstanding ordinary shares and 100 per cent of its founders' shares are owned by Sun Pharma and its affiliates, which collectively come to 77.5 per cent of the outstanding voting power within Taro Pharma.

Sun Pharma's specialist therapy fields in India include cardiology, gastroenterology, psychiatry, neurology and ophthalmology. It also operates in the US and certain other foreign markets.

Taro, meanwhile, produces and markets Warfarin and has also developed Lustra and Lustra-AF for dischromia, along with Ovide Lotion for head lice, all for the US sector.

Posted by Ron Maverick
Source: Sun Pharmaceutical Industries press release, August 12th


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