Sun Pharma gives up fight to take full control of Taro; Angel Biotech in administration

11 February 2013

Israel-based Taro Pharmaceutical Industries (Pink Sheets: TAROF) and Indian drugmaker Sun Pharmaceutical Industries (SUN: BO) said last Friday that they have mutually agreed to terminate their merger agreement announced last summer (The Pharma Letter August 14, 2012).

Under that deal, all shareholders of Taro (other than Sun Pharma and its affiliates) would have received a cash payment of $39.50 per share – or $571 million -on the closing of the merger, for the 36% stake Sun did not already own in Taro. This was an increase from the $24.50 per share announced the previous year (TPL October 20, 2011).

Each of Sun Pharma and Taro (at the direction of the Special Committee) agreed that terminating the merger agreement – after around six years of efforts - was in the best interest of the respective companies and shareholders.

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