SUN PHARMA WILL COMPLETE TARO BUYOUT AFTER 17 YEARS

Mumbai-based Sun Pharma said it will buy the outstanding shares (21.5%) in its Israeli subsidiary, Taro Pharma at $43 per share, for roughly $348 million (Rs 2,892 crore), resulting in its full ownership. Sun Pharma and Taro Pharma announced that they have entered into "a definitive merger agreement in which the Mumbai firm, Taro's controlling shareholder, has agreed to acquire all of the outstanding ordinary shares of Taro other than the shares already held by Sun Pharma or its affiliates for $43 per share in cash without interest''. The merger is subject to various closing conditions.

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