Taro Shareholders Approve Merger with Sun Pharma
Rhea-AI Summary
On May 22, 2024, Taro shareholders approved the merger with Sun Pharma during an Extraordinary General Meeting and an Ordinary Class Meeting.
The merger agreement, initially announced on January 17, 2024, received affirmative votes from Taro shareholders, including the majority of unaffiliated holders. This merger is expected to close in 35 days, subject to remaining conditions.
Dilip Shanghvi, Managing Director of Sun Pharma, and Uday Baldota, CEO of Taro, highlighted the benefits of the merger, including enhanced global competition and better service to patients and customers.
Post-merger, Taro will become a wholly owned subsidiary of Sun Pharma and will be delisted from the NYSE.
Positive
- Taro shareholders, including unaffiliated ones, approved the merger.
- The merger is expected to enhance competitiveness and global reach.
- Taro will benefit from Sun Pharma's global scale and resources.
- The combined entity will better serve patients, healthcare professionals, and customers.
Negative
- Taro will be delisted from the NYSE post-merger.
- The merger is subject to the satisfaction or waiver of certain closing conditions, creating potential uncertainties.
News Market Reaction – TARO
On the day this news was published, TARO declined 0.07%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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.
About Sun Pharmaceutical Industries Limited (CIN - L24230GJ1993PLC019050)
Sun Pharma is a leading global specialty generics company with presence in Innovative products, Generics and Consumer Healthcare products. It is the largest pharmaceutical company in
About Taro Pharmaceutical Industries Ltd. (NYSE: TARO)
Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro Pharmaceutical Industries Ltd., please visit the Company's website at www.taro.com
Forward-Looking Statements
This announcement contains forward-looking statements, including, but not limited to, the anticipated timing of closing the transaction. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements involve factors, risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Such factors, risks and uncertainties include the possibility that the merger will not occur on the timeline anticipated, or at all, if events arise that result in the termination of the Agreement, or if one or more of the various closing conditions to the merger are not satisfied or waived, or if the regulatory review process takes longer than anticipated and other risks and uncertainties discussed in documents filed with the SEC by the Company as well as the Schedule 13E-3 and the proxy statement filed by the Company. All information provided in this press release is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.
Further information on these and other factors is included in filings the Company makes with the SEC from time to time, including the section titled "Risk Factors" in the Company's most recent Form 20-F, as well as the Form 6-K and Schedule 13E-3, including the amendments thereto (which include the proxy statement) filed by the Company. These documents are available (or will be available when filed) on the SEC Filings section of the Investor Relations section of the Company's website at: https://taro.gcs-web.com/.
Investor Relations Contacts
Sun Pharmaceutical Industries Limited
Investor Contact:
Dr. Abhishek Sharma
Tel: +91 22 4324 4324, Xtn 2929
Tel Direct: +91 22 4324 2929
Mobile: +91 98196 86016
E-mail: abhi.sharma@sunpharma.com
Media Contact:
Gaurav Chugh
Tel: +91 22 4324 4324, Xtn 5373
Tel Direct: +91 22 4324 5373
Mobile: +91 98104 71414
E-mail: gaurav.chugh@sunpharma.com
Media Contact (US):
Janet Metz
Mobile +1 609-389-3044
E mail: janet.metz@sunpharma.com
Taro Pharmaceutical Industries Ltd.
Contact:
William J. Coote
VP, CFO
(914) 345-9001
William.Coote@taro.com
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SOURCE Sun Pharma
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