Sun Pharmaceutical Industries Expands Reach: Acquisition of Remaining Stake in Israel’s Taro

Sun Pharmaceutical Industries, India’s largest drugmaker, announced on Thursday that it will acquire the remaining 21.52% stake in Israel-based Taro Pharmaceutical Industries for ₹2,891.7 crore ($43 per share). This move will enable the merger of the two entities and consolidate Sun Pharma’s control over Taro, a key player in the generic dermatology market.

Background

Sun Pharma currently owns 78.48% of Taro, which has a portfolio of over 200 products in generic and over-the-counter (OTC) catering to derma, neuropsychiatric, cardiovascular, and anti-inflammatory segments. Around 90% of Taro’s sales are from North America. Taro has operations in the US, Canada and Israel with over 1,500 employees.

Sun Pharma had previously faced resistance from Taro’s minority shareholders in its bid to take full control over the company. In 2023, Sun Pharma had offered $38 per share to buy out the public shares, but had to increase the offer by 13% to $43 per share after receiving feedback from the special committee formed by Taro’s board to evaluate the proposal.

Benefits

The acquisition of the outstanding public shares will allow Sun Pharma to fully integrate Taro into its global operations and leverage its strengths and capabilities to better serve the needs of patients and healthcare professionals. Sun Pharma expects to complete the merger in the first half of 2024, after which Taro will become a wholly owned subsidiary of Sun Pharma and its shares will no longer be listed on the NYSE.

“Over the years, with Sun Pharma’s strategic interventions, Taro has remained a key player in the generic dermatology market in a challenging environment,” said Dilip Shanghvi, managing director of Sun Pharma. “Post completion of the merger, the combined entity will firmly move forward, leveraging its global strengths and capabilities to better serve the needs of patients and healthcare professionals,” he added.

Uday Baldota, CEO of Taro, also welcomed the merger and said, “Taro is committed to delivering high-quality products to our patients and customers around the world. This merger will further enable us to compete effectively in our products and markets.”

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