Shareholders of Taro Pharma approve merger with Sun Pharma
Mumbai: Sun Pharmaceutical Industries Limited and Taro Pharmaceutical Industries Ltd have declared that the merger agreement between the two companies has been endorsed. Taro shareholders, including a majority of shares held by those unaffiliated with Sun Pharma, voted in favor of the merger at an Extraordinary General Meeting and an Ordinary Class Meeting on May 22, 2024.
The details of the merger agreement were announced on January 17, 2024.
Dilip Shanghvi, Managing Director of Sun Pharma, said, “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, 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.”
Upon completion of the merger, currently 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 and soon after its shares will be de-listed from the NYSE.
Read also: Sun Pharma to acquire remaining stake in Taro Pharma
Sun Pharma is an Indian multinational pharmaceutical company headquartered in Mumbai, Maharashtra. The company manufactures and markets a large basket of pharmaceutical formulations covering a broad spectrum of chronic and acute therapies. It includes generics, branded generics, specialty, complex or difficult-to-make technology-intensive products, over-the-counter (OTC), antiretrovirals (ARVs), Active Pharmaceutical Ingredients (APIs), and Intermediates.
