Sun Pharmaceutical Industries Ltd.

Sun Pharmaceutical Industries is planning to fully acquire Israel-based Taro Pharmaceutical Industries through a reverse triangular merger. It has issued a letter to the Taro board with a proposal containing a non-binding indication of interest to acquire all of the outstanding ordinary shares for a purchase price of $38 per ordinary share in cash. Sun Pharma currently owns a 78.48 per cent stake in Taro.

The purchase price represents a premium of 31.2 per cent over Taro's closing price on May 25, 2023, a 41.5 per cent premium over Taro's average closing price in the last 60 days and a compelling liquidity opportunity for Taro's shareholders. Under the indicative proposal, post the acquisition, Taro will become a wholly-owned subsidiary of Sun Pharma and will be delisted from NYSE. 

Sun Pharmaceutical Industries is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.