SUN PHARMA COMPLETES TARO MERGER TO MAKE IT A WHOLLY-OWNED PRIVATE COMPANY
Sun Pharmaceutical Industries Limited on Monday announced the successful completion of the merger of Taro Pharmaceutical Industries Ltd. with its subsidiary.
As part of this merger, Sun Pharma acquired all outstanding ordinary shares of Taro other than the shares already held by Sun Pharma or its affiliates. As a result of the merger, Taro is now a private company and wholly-owned by Sun Pharma, the company announced.
According to Sun Pharma’s statement, the combined entity is better positioned to compete in the increasingly competitive generics industry. Sun Pharma has been the majority shareholder of Taro since 2010.
“We are pleased with the successful completion of Taro merger process. This milestone marks a significant step forward for both organizations, allowing us to effectively leverage each other’s strengths and capabilities. Together, we are excited about starting this new chapter and creating a more robust, successful future for the combined entity,” Dilip Shanghvi, Chairman and Managing Director of Sun Pharma, said in a statement.
Today, the Registrar of Companies in Israel issued a Merger Certificate. As a result of the merger, Taro will be delisted from the NYSE and it becomes a privately held company 100% (from 78.5% earlier) owned by Sun Pharma. The total deal value is US $347.73 million.
In May this year, Taro announced that its shareholders approved the merger agreement with Sun Pharma.
Headquartered in New York, United States, Taro has business operations in USA, Canada, Israel and Japan. The company has manufacturing facilities in Canada (Brampton) and Israel (Haifa).
It is noteworthy that Taro had net sales of US$ 629 million in FY2023-24 and cash of $1.3 billion (as of March 31, 2024).
On May 26, 2023, Sun Pharma issued a letter to the Board of Directors of Taro with a proposal containing a non-binding indication of interest to acquire all of the outstanding ordinary shares in Taro, other than any shares already held by the company or its affiliates (For a purchase price of $38 per ordinary share), as per Sun Pharma’s statement.
The company is primarily focused on dermatology and it produces a wide range of prescription and over-the-counter products. Its product portfolio includes the well-known Proactiv line of products used to treat acne.
2024-06-24T12:04:04Z dg43tfdfdgfd