Shareholders of Israel-based Taro Pharmaceutical Industries Ltd approved the company’s merger agreement with drug major Sun Pharmaceutical Industries Ltd on Thursday (May 23). “…the merger agreement between Taro and Sun Pharma was approved by the affirmative vote of Taro shareholders (including a vote of the majority of shares held by Taro shareholders unaffiliated with Sun Pharma),” Sun Pharmaceutical said in a regulatory filing.
Upon completion of the merger, currently expected to close in around 35 days, Taro will become a privately held company, wholly-owned by Sun Pharmaceutical and soon after its shares will be de-listed from the NYSE. “We are pleased with the approval by Taro’s shareholders, which, subject to the remaining closing conditions, will enable Taro to merge with Sun,” Sun Pharma Managing Director Dilip Shanghvi said. The combined entity will enable the company to better serve the needs of patients, healthcare professionals and customers around the world, he said.
“Throughout our fifteen-year relationship with Sun Pharma, Taro has benefited from their global scale and resources. This merger will further enable us to compete effectively in our products and markets,” Taro CEO Uday Baldota said. In January this year,
Sun Pharma announced to acquisition of the remaining 21.52% stake in Taro for ₹2,891.76 crore, enabling the merger of the two entities. It already owned a 78.48% stake in Taro.
