Sun Pharmaceutical Industries Ltd.

Sun Pharmaceutical Industries has acquired the 12 per cent stake of Mark Mobius-headed Templeton Asset Management in its Israeli subsidiary, Taro Pharmaceuticals, for $82 million (Rs364 crore). Sun paid $16 per share, about 14 per cent premium to Taro's current market price of $13.75.

With this, Sun Pharma increased its Taro stake to 65.2 per cent from 53.2 per cent. Taro is a pink sheets-listed company on the New York Stock Exchange. The deal will help the Indian drug maker to get a crucial 77 per cent voting right on management decisions related to Taro. Templeton invested in Taro in 2005, and increased its stake in 2006, when Taro's shares were trading at $12. Templeton bought more shares in 2007 at between $6.50 and $7.20 per share.crackcrack