Sun Pharma jumps 3% on announcement of acquiring remaining stake in Taro for Rs 2,891 cr
New Delhi, Jan 18 (IANS) Sun Pharma has entered into a definitive merger agreement with Taro Pharmaceutical Industries pursuant to which Sun Pharma has agreed to acquire all of the outstanding ordinary shares of Taro not currently held by Sun Pharma.
Sun Pharma stock is up 3.15 per cent and is the top gainer in Sensex stocks.
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.
The consolidated revenue from operations of Taro for the FY 2022-23 was $572.90 million (Rs 4,604.25 crore).
Acquisition of remaining outstanding shares of Taro which would result in Sun acquiring all of the public shares of Taro.
With the consummation of the transaction, the combined entity will be in a position to leverage Sun Pharma’s global strength and capabilities that shall pave way to better serve the needs of patients and healthcare professionals.
The cost of the acquisition is $43 per share amounting to $347.73 million for 8,086,818 shares (approximately Rs 2,891.76 crore as per the current USD-INR exchange rate). These 8,086,818 shares are constituting 21.52 per cent of the total outstanding shares of Taro.
The Target Company is listed on the New York Stock Exchange and 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.
Taro develops high-quality, proprietary and offpatent pharmaceuticals for markets in the US, Canada, Israel and other countries around the world.
Taro produces a wide range of prescription and over-the counter products including tablets, capsules, suspensions, solutions, creams, and ointments.