Sun Pharma acquires Israel-based Taro Pharmaceuticals

Sun Pharma shared the news of the acquisition of the remaining 21.52% stake in Taro Pharmaceuticals, an Israel-based company, for ₹2,891.76 crore, as per the reports. As it already owned 78.48% stakes in Taro, the complete acquisition allows the merging of two entities. 

The merger is expected to be finished within 35 days, after which Sun Pharmaceuticals will wholly own Taro, and its shares will also be delisted from the NYSE. 

Dilip Shanghvi, the Managing Director at Sun Pharma, says, "We are pleased with the approval by Taro's shareholders, which, subject to the remaining closing conditions, will enable Taro to merge with Sun." 

He added that the merged entity encourages the company to serve better the needs of patients, healthcare professionals, and customers worldwide. 

Sun Pharmaceutical said in a regulatory filing that "the merger agreement between Taro and Sun Pharma was approved by the affirmative vote of Taro shareholders (including a vote of the majority of shares held by Taro shareholders unaffiliated with Sun Pharma)." 

Uday Baldota, the CEO of Taro, said, "Throughout our fifteen-year relationship with Sun Pharma, Taro has benefited from their global scale and resources. This merger will further enable us to compete effectively in our products and markets." 

After Sun Pharmaceuticals Industries acquired Taro Pharmaceuticals, its share price decreased by Rs. 45.35 or 2.94% on BSE and landed at Rs. 1,494.95.