Taro's shareholders approve merger with Sun Pharma

24 May 2024 , 11:52 AM

Taro announced on Thursday that its merger agreement with Sun Pharma has been approved by its shareholders.

On May 22, 2024, at both an extraordinary general meeting and an ordinary class meeting, shareholders of Israel-based Taro and Sun Pharma accepted the merger agreement, according to a statement from the drug company.

Sun Pharma Managing Director Dilip Shanghvi stated, “We are pleased with the approval by Taro’s shareholders, which, subject to the remaining closing conditions, will enable Taro to merge with Sun.”

He continued, saying that the united organisation will allow the business to better meet the demands of clients, healthcare providers, and patients worldwide. Taro will become a privately held firm, fully owned by Sun Pharma, at the completion of the merger, which is presently anticipated to close in about 35 days. Shortly after, its shares will be delisted from the NYSE.

Over the course of our fifteen-year partnership, Taro has profited from Sun Pharma’s extensive global reach and capabilities. CEO of Taro Uday Baldota stated to MoneyControl, “This merger will further enable us to compete effectively in our products and markets.” In order to facilitate the merger of the two companies, Sun Pharma announced in January of this year that it would pay ₹2,891.76 Crore to acquire the remaining 21.52% interest in Taro. It had a 78.48%  stake in Taro.

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