Stock Report

Taro Shareholders Approve Merger with Sun Pharma

Posted On : 2024-05-24 18:28:41( TIMEZONE : IST )

Sun Pharmaceutical Industries Limited (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) (together with its subsidiaries and/or associates referred as "Sun Pharma") and Taro Pharmaceutical Industries Ltd. (NYSE: TARO) ("Taro" or the "Company") today announced that the merger agreement between Taro and Sun Pharma was approved by the affirmative vote of Taro shareholders (including a vote of the majority of shares held by Taro shareholders unaffiliated with Sun Pharma) at an Extraordinary General Meeting and an Ordinary Class Meeting on May 22, 2024. The details of the merger agreement were announced on January 17, 2024.

Dilip Shanghvi, Managing Director of Sun Pharma, said, "We are pleased with the approval by Taro's shareholders, which, subject to the remaining closing conditions, will enable Taro to merge with Sun. The combined entity will enable us to better serve the needs of patients, healthcare professionals and our customers around the world."

Uday Baldota, Chief Executive Officer of Taro, said, "Throughout our fifteen-year relationship with Sun Pharma, Taro has benefited from their global scale and resources. This merger will further enable us to compete effectively in our products and markets."

Upon completion of the merger, currently expected to close in approximately 35 days (subject to the satisfaction or waiver of certain closing conditions), Taro will become a privately held company wholly owned by Sun Pharma and soon after its shares will be de-listed from the NYSE.

Shares of Sun Pharmaceutical Industries Limited was last trading in BSE at Rs. 1486.55 as compared to the previous close of Rs. 1494.95. The total number of shares traded during the day was 160714 in over 9418 trades.

The stock hit an intraday high of Rs. 1509.75 and intraday low of 1477.60. The net turnover during the day was Rs. 239083806.00.