Sun acquires controlling stake in Taro, Shanghvi is chairman
22 Sep 2010
After protracted legal wrangling and court cases from Israeli to US courts, Mumbai-based pharma firm Sun Pharmaceutical has finally acquired a controlling stake in Israel's Taro Pharmaceutical Industries Ltd.
Sun today said that it had completed the acquisition of a controlling stake in Taro pursuant to the 'option agreement' entered into in 2007 with Taro's controlling shareholders led by Taro's Chairman, Dr Barrie Levitt.
As a result of the closing, Sun's subsidiaries have increased their economic interest in Taro to 48.7 per cent and their voting rights to 65.8 per cent.
It also said Taro's directors, have settled all outstanding litigation among themselves.
Sun's chairman and managing director, Dilip Shanghvi, has taken over as chairman of the board of Taro
Ilan Leviteh, former CEO of Makhteshim Agan Industries, one of the world's major producers of agro-chemical products and one of Israel's largest industrial companies, has been appointed a new director of Taro.
Taro has an established franchise in dermatology and topical products in the US, in addition to generic product offerings in cardiovascular, neuro-psychiatric and anti-inflammatory therapeutic categories.
It has factories in Canada and Israel that manufacture topical creams and ointments, liquids, capsules and tablets dosage forms which complements Sun's current manufacturing and development capabilities for the US.
"We intend to build on Taro's market presence in US, Israel and Canada and its expertise in dermatology and pediatrics, along with specialty and generic pharmaceuticals, and over-the-counter products," said Shanghvi.
Reassuring Taro's emplyees of their continued employment, Shanghvi said, "Taro's current employees are an important part of our future plans for Taro and we are committed to productive relations with Taro's employees, and maintaining and enhancing Taro's facilities in Israel as well as Canada."
