Sun Pharmaceutical Industries Ltd (Sun Pharma) announced a major milestone in acquiring Taro Pharmaceutical Industries Ltd (Taro). Taro shareholders overwhelmingly approved the merger agreement at an Extraordinary General Meeting and Ordinary Class Meeting held on May 22, 2024. This signifies a significant step forward towards finalising the deal, initially announced on January 17, 2024.
The positive shareholder vote paves the way for the merger’s completion, anticipated to occur within approximately 35 days. Subject to customary closing conditions being met or waived, Taro will be delisted from the New York Stock Exchange (NYSE) and become a wholly-owned subsidiary of Sun Pharma.
This strategic acquisition strengthens Sun Pharma’s position in the global pharmaceutical market. By combining Taro’s established presence in North America with Sun Pharma’s robust product portfolio and geographic reach, the merged entity will be well-positioned to deliver greater value to patients, healthcare providers, and stakeholders worldwide.
“We are pleased with the approval by Taro’s shareholders, which, subject to the remaining closing conditions, will enable Taro to merge with Sun. The combined entity will enable us to better serve the needs of patients, healthcare professionals and our customers around the world,” said Dilip Shanghvi, Managing Director of Sun Pharma.
“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,” said Uday Baldota, Taro’s Chief Executive Officer.
Sun Pharma is a leading global speciality generics company with a presence in Innovative products, Generics, and Consumer Healthcare products. It is the largest pharmaceutical company in India and a leading generic company in the US and Global Emerging Markets.
On May 24, 2024, Sun Pharma shares opened at ₹1,509.75 and touched the day low of ₹1,481.50 at 09:45 AM.
Taro Pharmaceutical Industries Ltd is a multinational, science-based pharmaceutical company dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest-quality healthcare products.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: May 24, 2024, 1:09 PM IST
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