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January 19, 2024
1 Min Read
Taro is a key player in the generic dermatology market. Image courtesy of Rapeepat Pornsipak / iStock via Getty Images
Sun Pharmaceutical Industries and Taro Pharmaceutical Industries have announced a merger 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 US $43.00 per share in cash without interest (approximately $347.8 million according to Reuters).
Sun Pharma, the fourth largest specialty generics company in the world, had offered to buy its remaining stake for $38 per share in May.
“Over the years, with Sun Pharma’s strategic interventions, Taro has remained a key player in the generic dermatology market in a challenging environment," said Dilip Shanghvi, managing director of Sun Pharma. "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.”
The deal comes as a culmination to nearly 17 years of back and forth to gain full control of the US-listed generic drug maker, which does most of its business in the US and Canada. Upon completion of the merger, which is expected to close in Q1 2024. Taro would become a privately held company and will be delisted from the New York Stock Exchange, the companies stated.
In November, the US government dismissed charges against a former Taro executive who was accused of conspiring to fix generic drug prices between 2013 and 2015.
According to its website, Taro develops high-quality, proprietary and off-patent pharmaceuticals for markets in the US, Canada, Israel, and other countries. The company produces a wide range of prescription and over-the counter products including tablets, capsules, suspensions, solutions, creams, and ointments. Taro also synthesizes the active ingredients used in many of its key products.
About the Author(s)
Kristen Kazarian has been a writer and editor for more than three decades. She has worked at several consumer magazines and B2B publications in the fields of food and beverage, packaging, processing, women's interest, local news, health and nutrition, fashion and beauty, automotive, and computers.
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