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Sun Pharma Completes $348 Mn Merger with Israel’s Taro Pharma

Written by : Nikita Saha

June 25, 2024

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Reportedly, the acquisition price is $43 per share in cash without interest for 8,086,818 shares, representing 21.52% of the total outstanding Taro shares.

Indian drugmaker Sun Pharma has completed the merger of Taro Pharmaceutical with its subsidiary.

Per the merger deal, Sun Pharma acquired all outstanding ordinary shares of Taro Pharmaceutical which were not earlier owned by the company or its affiliates for $347.73 million, which is approximately INR 2,891.76 Cr, in cash.

Sharing thoughts, Dilip Shanghvi, chairman and MD, Sun Pharma, said, “We are pleased with the successful completion of Taro merger process. This milestone marks a significant step forward for both organizations, allowing us to effectively leverage each other's strengths and capabilities. Together, we are excited about starting this new chapter and creating a more robust, successful future for the combined entity.”

The $348 Mn Merger Deal

Reportedly, the acquisition price is $43 per share in cash without interest for 8,086,818 shares, representing 21.52% of the total outstanding Taro shares.

As a result of the merger, Taro is now a private company and wholly owned by Sun Pharma.

This merger comes after almost 17 years of negotiations and discussions. Sun Pharma has been the majority shareholder of Taro since 2010.

Before the merger, Sun Pharma held a controlling stake of 78.48% in Taro Pharmaceutical Industries. However, in a merger deal, Sun Pharma agreed to hold 100% of Taro’s shares, resulting in full ownership of the company.

Established in 1950, Taro Pharmaceutical Industries, also known as Taro Pharma, is a research-based international pharmaceutical company.

It aims to provide quality products through scientific innovations and precision. It is dedicated to meeting the needs of its customers through the discovery, development, manufacturing, and marketing of the highest-quality healthcare products.

Sun Pharma’s Series of Acquisitions

In February this year, Sun Pharma set its foot to acquire a 16.33% stake in Michigan-based Surgimatix Inc. for $3.05 million. By investing in Surgimatix, Sun Pharma aims to enhance its portfolio and contribute to advancements in healthcare technology.

Earlier, Sun Pharmaceutical agreed to acquire a 16.7% stake in the US-based Lyndra Therapeutics for $30 million. Lyndra Therapeutics Inc develops novel delivery technology for long-acting oral (LAO) therapies.

This strategic investment seeks to support the development of advanced pharmaceutical delivery technologies and get access to the technology for certain molecules and territories.

In September, Sun Pharma inked an agreement with US-based Pharmazz on the cerebral ischemic stroke drug Soveteltide under the brand name Tyvalzi. Under this agreement, Sun Pharma granted the rights to market Sovateltide in India under the brand name Tyvalzi (Sovateltide).

Moreover, USA's Pharmazz is expected to receive upfront and milestone payments, including royalties as a part of the agreement.

With this initiative, the Indian multinational pharmaceutical company aims to provide high-quality, affordable medicines trusted by healthcare professionals and patients.

Founded in 1983, Sun Pharmaceutical Industries Limited is an Indian multinational pharmaceutical company that manufactures and sells pharmaceutical formulations and active pharmaceutical ingredients (APIs) in more than 100 countries across the globe. The company aims to promote excellence through strategic innovation, supported by strong R&D capabilities.


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