India's Sun Pharmaceutical Buys Taro
This article was originally published in PharmAsia News
Executive Summary
Ha'aretz (Israel) (05/21/07) Cohen, Omri
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Ha'aretz (Israel) (05/21/07) Cohen, Omri India-based Sun Pharmaceutical Industries is purchasing
Israel-based company Taro Pharmaceutical Industries for $454
million. Sun is interested in this company's expertise in
dermatological and pediatric brand prescription, over-the-counter,
and generic drugs and development know-how. Taro will become a Sun
Pharmaceuticals subsidiary. Sun Pharmaceutical Industries has a
market capitalization of $5 billion. Sun derives 43 percent of
revenue from sales outside of India, and 23 percent from generic
sales inside the United States. The transaction cost includes
purchasing Taro shares at $7.75 per share for around $230 million,
and assumption of about $224 million in Taro debt. (Click here for
more ) |