Sun Pharma
announced the successful completion of the
merger
of its
US subsidiary
,
Taro Pharmaceutical
with itself, in a deal valued at nearly $348 million. Last month, Taro announced that its shareholders had approved the merger agreement with Sun Pharma.
As a result of the merger, Taro will be delisted from the NYSE and become a privately-held company, wholly-owned by Sun Pharma.
Sun Pharma has been the majority shareholder of Taro since 2010.
The company had first announced to take over the US generics major 17 years ago, in 2007, for $454 million, but the Taro shareholders had rejected the takeover.
As part of this merger concluded on June 24, Sun Pharma acquired all outstanding ordinary shares of Taro other than the shares already held by Sun Pharma or its affiliates, a company statement said.
In May last year, Sun Pharma had issued a letter to the Taro board with a proposal containing a non-binding indication of interest to acquire all the outstanding ordinary shares in Taro, for a purchase price of $38 per share.
After negotiations, the deal was sweetened in December last year, with the purchase price revised to $43 per share.
