Sun Pharma Completes $347.7M Merger with Taro

Sun Pharmaceutical Industries has completed a $347.73 million merger with Taro Pharmaceutical Industries. Sun Pharma acquired all outstanding ordinary shares of Taro, making Taro a wholly-owned private company. The merger allows both entities to leverage their strengths and capabilities, according to Sun Pharma’s Chairman and Managing Director Dilip Shanghvi.

Sun Pharmaceutical Industries, on Monday, announced it has finalized the $347.73 million merger with Taro Pharmaceutical Industries. This landmark transaction sees Sun Pharma taking over all outstanding ordinary shares of Taro, thereby rendering Taro a wholly-owned subsidiary of Sun Pharma.

Since 2010, Sun Pharma has been the majority shareholder of Taro. Commenting on the merger, Sun Pharma Chairman and Managing Director Dilip Shanghvi said, "This milestone marks a significant step forward for both organisations, allowing us to effectively leverage each other's strengths and capabilities."

The merger was a well-considered process. In May 2023, Sun Pharma initially proposed buying the remaining shares at USD 38 each. Following negotiations by a special committee of Taro's Independent Directors, an agreement was reached at a revised price of USD 43 per share. With the issuance of a merger certificate by the Registrar of Companies in Israel on June 24, 2024, the merger was officially sealed.

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