Sun Pharma to buy remaining stake in Israeli unit Taro for Rs1,810 crore
19 Oct 2011
Mumbai-based Sun Pharmaceutical yesterday said that it will buy the remaining stake it not already own in its Israeli unit Taro Pharmaceutical Industries for $370 million (Rs1,810 crore).
India's top drugmaker by market value has offered to buy around15 million outstanding shares or 34.2 per cent that it does not already own in Taro for $24.50 per share in cash, representing a 25.96 per cent premium over the most recent closing price of Taro.
Sun Pharma, which owns about 65.8 per cent of Taro, acquired a controlling stake last year in the Tel Aviv, Israel-based drug maker after a protracted legal battle in Israeli and the US courts.
Taro has an established franchise in dermatology and topical products in the US, in addition to generic product offerings in cardiovascular, neuro-psychiatric and anti-inflammatory therapeutic categories.
It has factories in Canada and Israel that manufacture topical creams and ointments, liquids, capsules and tablets in dosage forms which complements Sun's manufacturing and development capabilities for the US.
Taro's US subsidiary has more than 100 ANDA drug approvals in the US alone. One NDA as well as 26 ANDAs are awaiting approval with the US Food & Drug Administration.
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