Taro Pharmaceutical Industries Ltd. • Pharmaceutical industry
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Sun Pharma
Sun Pharma offers to acquire 100% stake in Taro in an all-cash deal
Sun Pharma proposes to fully acquire Israel-based Taro Pharmaceutical Industries
Sun Pharmaceutical Industries on Saturday said it has proposed to fully acquire Israel-based Taro Pharmaceutical Industries through a reverse triangular merger.
Sun Pharma currently owns a 78.48 per cent stake in Taro.
"We envisage the proposed transaction to be consummated in the form of a reverse triangular merger under the Israeli Companies Law, 1999 and practice," Sun Pharma said in a regulatory filing.
The purchase price represents a premium of 31.2 per cent over Taro's closing price on May 25, 2023, a 41.5 per cent premium over Taro's average closing price in the last 60 days and a compelling liquidity opportunity for Taro's shareholders, it added.
Under the indicative proposal, post the acquisition, Taro will become a wholly-owned subsidiary of Sun Pharma and will be delisted from NYSE.
Yes, you are correct. On February 13, 2018, Sun Pharmaceutical Industries Limited (Sun Pharma) announced that it has made an unsolicited offer to acquire 100% of the outstanding shares of Taro Pharmaceutical Industries Ltd. (Taro) for $11.60 per share in cash. The offer represents a premium of approximately 33% over Taro's closing price on February 12, 2018.
Sun Pharma is a leading global pharmaceutical company with operations in India, the US, Europe, and other countries. Taro is a specialty pharmaceutical company with a focus on generic and branded products in the US market. The acquisition of Taro would give Sun Pharma a significant presence in the US generics market, as well as access to Taro's research and development capabilities.
Taro's board of directors has formed a special committee to review Sun Pharma's offer. The committee is expected to make a recommendation to Taro's shareholders on whether to accept the offer.
The acquisition of Taro is a significant development in the global pharmaceutical industry. It is the latest in a series of consolidations in the industry, as companies seek to grow their businesses and gain a competitive advantage. The acquisition is also likely to have a significant impact on the US generics market, as Sun Pharma becomes a major player in the market.
Here are some of the key reasons why Sun Pharma is interested in acquiring Taro:
Taro is a leading generics company in the US market.
Taro has a strong portfolio of products, including both branded and generic products.
Taro has a strong research and development capability.
Taro has a strong manufacturing capability.
The acquisition of Taro would give Sun Pharma a significant presence in the US generics market. It would also give Sun Pharma access to Taro's research and development capabilities. This would help Sun Pharma to grow its business and become a more competitive player in the global pharmaceutical industry.
The acquisition of Taro is likely to have a significant impact on the US generics market. Sun Pharma is a major player in the global generics market. The acquisition of Taro would make Sun Pharma an even larger player in the US generics market. This could lead to lower prices for generic drugs in the US market.
The acquisition of Taro is still subject to regulatory approval. However, it is expected to be completed in the second half of 2018
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