Israel’s Taro Cancels Acquisition Pact With India’s Sun Pharma
This article was originally published in PharmAsia News
Israel's Taro Pharmaceuticals has canceled its year-old agreement with India's Sun Pharmaceutical Industries to agree to a Sun subsidiary's takeover of the firm. Sun and Taro agreed last year to a $455 million acquisition by Aditya Acquisition, a Sun subsidiary, but Taro directors have voted unanimously to cancel the agreement after Taro managed to turn around its fortunes in the ensuing months. Sun, which owns just over a third of Taro, had offered to raise the original share offer, but Taro directors turned it down and exercised an agreement provision that allowed the Israeli drug maker to cancel the merger
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