Taro’s shareholders have approved the merger agreement with Sun Pharma, as announced by the Mumbai-based pharmaceutical giant on Thursday. The approval came during an extraordinary general meeting and an ordinary class meeting on May 22, 2024.
Dilip Shanghvi, Managing Director of Sun Pharma, expressed satisfaction with the shareholders’ approval. “We are pleased with the approval by Taro’s shareholders, which, subject to the remaining closing conditions, will enable Taro to merge with Sun,” he said. Shanghvi added that the combined entity will be better positioned to serve patients, healthcare professionals, and customers globally.
The merger, expected to be finalized in about 35 days, will result in Taro becoming a privately held company wholly owned by Sun Pharma. Consequently, Taro’s shares will be de-listed from the NYSE.
Taro CEO Uday Baldota highlighted the long-standing relationship between Taro and Sun Pharma, stating, “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.”
In January 2024, Sun Pharma announced plans to acquire the remaining 21.52 percent stake in Taro for Rs 2,891.76 crore. Prior to this, Sun Pharma already owned a 78.48 percent stake in Taro.
