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Sun Pharma to acquire Caraco's remaining stake

23 Feb 2011 Evaluate

Sun Pharmaceutical Industries and its subsidiaries are acquiring the remaining 24.2 per cent stake in US-based Caraco Pharmaceutical Laboratories. Sun Pharma will pay $5.25 per share. This is $0.50 more than the proposed price of $4.75 a share, which Sun Pharma had offered its shareholders in its proposal to delist Caraco Pharma from stock exchange.
 
After acquiring Caraco Pharma in 1997, Sun Pharma has been increasing its stake upon completion of certain agreements between the two. In December, Sun Pharma had offered $4.75 a share to the shareholders.  The move came after the US Food and Drug Administration issued a warning for manufacturing practice violations at Caraco Pharma’s Cranbury facility in New Jersey in September last year. The regulator had withheld approval of pending new drug applications of the company. This was the second regulatory warning for Caraco Pharma.
In June 2009, Caraco’s Michigan facilities in Detroit, Farmington Hills, and Wixom were raided by US marshals and production was stopped for alleged breach of manufacturing regulations.

Sun Pharma Inds. Share Price

1668.00 -7.20 (-0.43%)
20-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
Sun Pharma Inds. 1668.00
Dr. Reddys Lab 1232.25
Cipla 1228.90
Zydus Lifesciences 936.35
Lupin 2328.60
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