The details of the merger agreement were announced in January, 2024.
Sun Pharmaceutical Industries Limited and Taro Pharmaceutical Industries Ltd. announced 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) at an Extraordinary General Meeting and an Ordinary Class Meeting on May 22, 2024.
Dilip Shanghvi, managing director of Sun Pharma, said:
“We are pleased with the approval by Taro’s shareholders, which, subject to the remaining closing conditions, will enable Taro to merge with Sun. The combined entity will enable us to better serve the needs of patients, healthcare professionals and our customers around the world.”
Uday Baldota, chief executive officer of Taro, stressed:
“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.”
Upon completion of the merger, currently expected to close in approximately 35 days (subject to the satisfaction or waiver of certain closing conditions), Taro will become a privately held company wholly owned by Sun Pharma and soon after its shares will be de-listed from the NYSE.
✔️ Sun Pharma is the world’s leading specialty generics company with a presence in specialty, generics and consumer healthcare products.
✔️ Taro Pharmaceutical is a multinational, science-based pharmaceutical company dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products.
Currently, Sun Pharma already owns 78.48% stake in Taro. In January this year, Sun Pharma announced to acquire the remaining 21.52 per cent stake in Taro for 28 billion rupees (approx. $347 million), enabling the merger of the two entities.
Sources: Pharmabiz, Moneycontrol
