MUMBAI,
India and NEW YORK,
May 23,
2024 /PRNewswire/ -- Sun Pharmaceutical
Industries Limited (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE:
SUNPHARMA, BSE: 524715) (together with its subsidiaries and/or
associates referred as "Sun Pharma") and Taro Pharmaceutical
Industries Ltd. (NYSE: TARO) ("Taro" or the "Company") today
announced that the merger agreement between Taro and Sun Pharma was
approved by the affirmative vote of Taro shareholders (including a
vote of the majority of shares held by Taro shareholders
unaffiliated with Sun Pharma) at an Extraordinary General Meeting
and an Ordinary Class Meeting on May 22,
2024. The details of the merger agreement were announced on
January 17, 2024.
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 India and is a leading generic company in the
US as well as Global Emerging Markets. Sun's high growth Global
Specialty portfolio spans innovative products in dermatology,
ophthalmology, and onco-dermatology and accounts for over 18% of
company sales. The company's vertically integrated operations
deliver high-quality medicines, trusted by physicians and consumers
in over 100 countries. Its manufacturing facilities are spread
across six continents. Sun Pharma is proud of its multi-cultural
workforce drawn from over 50 nations. For further information,
please visit www.sunpharma.com and follow us on "X"
@SunPharma_Live
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