Sun Pharmaceutical Industries announced it has completed the merger of Taro Pharmaceutical Industries with its subsidiary. Sun Pharma acquired all outstanding shares of Taro not already owned by Sun Pharma or its affiliates, in a deal worth $347.73 million.
On June 24, 2024, the Registrar of Companies in Israel issued a merger certificate. Taro will now be delisted from the NYSE and will become a privately held company, fully owned by Sun Pharma.
Sun Pharma has been Taro’s majority shareholder since 2010. In FY2023-24, Taro reported net sales of $629 million and had $1.3 billion in cash as of March 31, 2024.
Dilip Shanghvi, chairman and managing director of Sun Pharma, said, “We are pleased with the successful completion of the Taro merger. This milestone marks a significant step forward for both organizations, allowing us to effectively leverage each other’s strengths.”
Taro, headquartered in New York, operates in the US, Canada, Israel, and Japan, with manufacturing facilities in Canada and Israel. It primarily focuses on dermatology and produces a range of prescription and over-the-counter products, including the well-known Proactiv line for acne treatment.
Sun Pharma initially proposed the merger in May 2023, offering $38 per share. After negotiations, the price was revised to $43 per share, and the merger agreement was signed in January 2024. Taro shareholders approved the merger in May 2024.
