Sun Pharma to acquire remaining stake in Taro Pharma

19 January 2024
sunpharmabig

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.

This article is accessible to registered users, to continue reading please register for free.  A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Login to your account

Become a subscriber

 

£820

Or £77 per month

Subscribe Now
  • Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
  • Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
  • Daily roundup of key events in pharma and biotech.
  • Monthly in-depth briefings on Boardroom appointments and M&A news.
  • Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK

Today's issue

Company Spotlight





More Features in Generics