Sun Pharma and Taro Announce Termination of Proposed Transaction
HAWTHORNE, N.Y. & MUMBAI, India -- February 8, 2013
Taro Pharmaceutical Industries Ltd. (NYSE: TARO) (“Taro”) and Sun
Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE:
SUNPHARMA, BSE: 524715) (together with its subsidiaries, “Sun Pharma”)
announced today that they have mutually agreed to terminate their merger
agreement, announced in August 2012, pursuant to which all shareholders of
Taro (other than Sun Pharma and its affiliates) would have received a cash
payment of $39.50 per share upon the closing of the merger.
Each of Sun Pharma and Taro (at the direction of the Special Committee) agreed
that terminating the merger agreement was in the best interest of the
respective companies and shareholders.
About Taro Pharmaceutical Industries Ltd.
Taro Pharmaceutical Industries Ltd. is a multinational, science-based
pharmaceutical company, dedicated to meeting the needs of its customers
through the discovery, development, manufacturing and marketing of the highest
quality healthcare products. More information about Taro can be found on
Taro’s website at www.taro.com.
About Sun Pharmaceutical Industries Ltd.
Established in 1983, listed since 1994 and headquartered in India, Sun
Pharmaceutical Industries Ltd. is an international, integrated, specialty
pharmaceutical company. It manufactures and markets a large basket of
pharmaceutical formulations as branded generics as well as generics in India,
the United States and several other markets across the world. In India, the
company is a leader in niche therapy areas of psychiatry, neurology,
cardiology, gastroenterology, orthopedics and ophthalmology. Sun Pharma has
strong skills in product development, process chemistry, and manufacturing of
complex API, as well as dosage forms. More information about Sun Pharma can be
found at Sun Pharma’s website at www.sunpharma.com.
SAFE HARBOR STATEMENT
Certain statements in this press release are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. These
statements include, but are not limited to, statements that do not describe
historical facts and statements that refer or relate to events or
circumstances that Sun Pharma or Taro “estimates,” “believes,” or “expects” to
happen or similar language. The forward-looking statements in this press
release are based on the current expectations of Sun Pharma and Taro and are
made only as of the date of this press release and involve certain risks and
uncertainties that could cause actual results to differ materially from future
results that may be expressed or implied by such forward-looking statements.
Unless required by law, neither Sun Pharma nor Taro undertake any obligations
to update, change or revise any forward-looking statement, whether as a result
of new information, additional or subsequent developments or otherwise.
Taro Pharmaceutical Industries Ltd.
William J. Coote
Tel +1 914 345 9001
Sun Pharmaceutical Industries Ltd.
Tel +91 22 6645 5645, Ext. 717
Tel Direct +91 22 6645 5717
Mobile +91 98203 30182
Tel +91 22 6645 5645, Ext. 606
Tel Direct +91 22 6645 5606
Mobile +91 98219 23797
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