Taro Pharmaceutical Industries

Company Overview

Snapshot

Founded in June 1959, Taro Pharmaceutical Industries operates with over 1,000 employees. The company was acquired by Sun Pharma in June 2024, becoming a wholly-owned private subsidiary.

Business overview

Taro Pharmaceutical Industries is an international pharmaceutical company focused on manufacturing topical dermatological products and developing solid drugs in cardiology and neurology. The company vertically integrates the synthesis of active ingredients, ensuring control over manufacturing and quality from raw materials to finished products. Taro serves the healthcare and life sciences sectors, specifically targeting pharmaceuticals and patients with its range of treatments.

Strategic signal

In June 2024, Sun Pharmaceutical Industries Limited completed its merger with Taro Pharmaceutical Industries Ltd., acquiring all outstanding ordinary shares. This strategic move strengthens Sun Pharma's position in the generics industry and signifies Taro's transition to a privately held company, delisting from the NYSE. This indicates a significant consolidation within the pharmaceutical market, leveraging the combined strengths of both entities for future growth.

Company Intelligence Q&A

What was the most significant recent corporate event for Taro Pharmaceutical Industries?

In June 2024, Taro Pharmaceutical Industries was acquired by Sun Pharmaceutical Industries Limited, becoming a wholly-owned private subsidiary.

When did Taro shareholders approve the merger with Sun Pharma?

Taro shareholders approved the merger agreement with Sun Pharmaceutical Industries Ltd. at an Extraordinary General Meeting and an Ordinary Class Meeting on May 22, 2024.

What was the initial offer from Sun Pharmaceutical Industries to acquire Taro?

In January 2024, Sun Pharmaceutical Industries Limited announced plans to acquire all remaining shares of Taro Pharmaceutical Industries for approximately $347.8 million, at $43 per share.

Did any shareholders oppose the acquisition by Sun Pharma?

In January 2024, Krensavage Asset Management, a minority shareholder, expressed opposition to Sun Pharmaceutical Industries' bid to take Taro private, arguing the offer was inadequate.

What was the outcome of the partnership with NTC Srl regarding an ophthalmic product?

In June 2020, NTC Srl granted Taro Pharmaceutical Industries exclusive license and distribution rights in Israel for its fixed combination ophthalmic quinolone antibiotic with an anti-inflammatory steroid, intended for post-cataract surgery treatment.