Sun Pharma gets US regulator's approval for Taro open offer

14 August 2008

Mumbai: Sun Pharmaceuticals has received approval from the US Federal Trade Commission for the open offer to shareholders of Israeli firm Taro.

In a filing with the Bombay Stock Exchange, Mumbai-based Sun Pharmaceuticals said the FTC has granted early termination of the anti-trust waiting period for the previously announced tender offer by its subsidiary in Israel Alkaloida Chemical Company Exclusive Group Ltd.

''FTC granted early termination of the antitrust waiting period under the Hart-Scott-Rodino Act (HSR),'' it said.

On 30 June,  Alkaloida Chemical launched an open offer at a price of $7.75 per share to acquire all outstanding shares of Taro, including all of its promoter's shares.

The offer is scheduled to expire on 2 September, unless extended, the filing said.

In May 2007 Sun had enterd in to an all-cash $454-million to acquore the Israeli firm. (See: Sun Pharmaceutical to acquire Taro Pharma for $454 million)