Post completion of the merger, the combined entity will firmly move forward, leveraging its global strengths and capabilities to better serve the needs of patients and healthcare professionals
Sun Pharmaceutical Industries and Taro Pharmaceutical Industries have entered into a definitive merger agreement in which Sun Pharma, 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 $43.00 per share in cash without interest.
Dilip Shanghvi, MD, Sun Pharma, said, “Over the years, with Sun Pharma’s strategic interventions, Taro has remained a key player in the generic dermatology market in a challenging environment. Post completion of the merger, the combined entity will firmly move forward, leveraging its global strengths and capabilities to better serve the needs of patients and healthcare professionals.”
Uday Baldota, CEO, Taro, said, “Taro is committed to delivering high-quality products to our patients and customers around the world. This merger will further enable us to compete effectively in our products and markets.”
The Special Committee retained BofA Securities, as its financial advisor, Goldfarb Gross Seligman & Co as its Israeli counsel and Skadden, Arps, Slate, Meagher & Flom LLP as its US legal counsel, to assist it in its mandate. Herzog, Fox & Neeman are acting as Israeli legal counsel to Sun Pharma and Davis Polk & Wardwell are acting as US legal counsel to Sun Pharma. Meitar is acting as Israeli legal counsel to Taro and Shearman & Sterling LLP is acting as US legal counsel to Taro.
