Sun Pharma to acquire remaining stake in Taro Pharma

19 January 2024

Sun Pharmaceutical Industries (BSE: 524715) of India announced its intention to acquire all outstanding shares of US generics drugmaker Taro Pharmaceutical Industries (NYSE: TARO) at a price of $43 per share in cash, the companies announced.

This move signifies Sun Pharma's bid to gain complete control over its subsidiary, and the news saw the USA-based company’s shares gains 2.3% to $42.23. Sun Pharma presently holds a 78.5% stake in Taro.

The offer from Sun Pharma totals around $348 million, and represents a 4.2% premium to Taro's closing share price on the preceding January 17. Sun Pharma had initially proposed to purchase the remaining stake at $38 per share in May.

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