Saturday, June 15, 2024

Pharmaceutical Merger Approved by Taro Shareholders with Sun Pharmaceutical Industries

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Pharmaceutical companies Sun Pharmaceutical Industries Limited and Taro Pharmaceutical Industries Ltd. announced the approval of their merger agreement by Taro shareholders. The affirmative vote, including a majority of shares held by Taro shareholders unaffiliated with Sun Pharma, took place at an Extraordinary General Meeting and an Ordinary Class Meeting on May 22, 2024. This merger agreement was initially announced on January 17, 2024.

Dilip Shanghvi, Managing Director of Sun Pharma, expressed his satisfaction with the shareholders’ approval, stating, “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.”

Uday Baldota, Chief Executive Officer of Taro, highlighted the benefits of their longstanding relationship with Sun Pharma, saying, “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.” Upon completion of the merger, which is expected to close in approximately 35 days, subject to the satisfaction or waiver of certain closing conditions, Taro will become a privately held company wholly owned by Sun Pharma. Consequently, Taro’s shares will be de-listed from the NYSE.

Sun Pharma and Taro Pharmaceutical Announce Merger to Enhance Global Scale and Resources

Sun Pharma is a leading global specialty 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. Sun’s high-growth global specialty portfolio includes innovative products in dermatology, ophthalmology, and onco-dermatology, accounting for over 18% of company sales. The company’s vertically integrated operations deliver high-quality medicines, trusted by physicians and consumers in over 100 countries. Sun Pharma’s manufacturing facilities are spread across six continents, and it boasts a multicultural workforce drawn from over 50 nations.

This announcement contains forward-looking statements, including the anticipated timing of closing the transaction. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. Factors include the possibility that the merger will not occur as anticipated if events arise that result in the termination of the Agreement, if one or more closing conditions are not satisfied or waived, or if the regulatory review process takes longer than expected.

The company undertakes no duty to update such information, except as required under applicable law. Sun Pharmaceutical Industries Limited and Taro Pharmaceutical Industries Ltd. have received approval from Taro’s shareholders for their merger agreement, marking a significant step forward in their long-standing relationship. The merger will see Taro become a privately held company under Sun Pharma, with its shares being de-listed from the NYSE. This strategic move aims to leverage Sun Pharma’s global scale and resources, enhancing Taro’s competitive edge in its products and markets.

Pharmaceutical

Sun Pharma and Taro’s Merger Approved, Set to Enhance Global Healthcare Solutions

The merger agreement, initially announced in January 2024, was approved at an Extraordinary General Meeting and an Ordinary Class Meeting held on May 22, 2024. Sun Pharma’s Managing Director, Dilip Shanghvi, expressed optimism about the merger, emphasizing its potential to better serve patients, healthcare professionals, and customers globally. Taro’s CEO, Uday Baldota, also highlighted the benefits of the merger, reflecting on the positive impact of their fifteen-year relationship with Sun Pharma.

The completion of the merger is expected within approximately 35 days, subject to certain closing conditions. This merger underscores the commitment of both companies to advancing their capabilities and market presence, providing high-quality healthcare solutions on a global scale. Sun Pharma, known for its innovative products in dermatology, ophthalmology, and onco-dermatology, continues to lead in the pharmaceutical industry with a robust global specialty portfolio. Taro, dedicated to high-quality healthcare products, stands to gain significantly from Sun Pharma’s extensive resources and market reach.

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The merger represents a strategic alignment aimed at fostering innovation and expanding market access, ultimately benefiting patients and the healthcare industry at large. Both companies remain committed to transparency and regulatory compliance throughout the process, ensuring a smooth transition and continued focus on delivering quality healthcare products.

 

Resource: Sun Pharma, May 23, 2024

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