Sun Pharmaceutical Acquires Taro For $454 Mn

Mumbai: Sun Pharmaceuticals, a Mumbai-based drug-maker, has inked an agreement to take over Israel''s generic manufacturer Taro Pharma for $454 million (approximately Rs 1,837 crore), making it the second largest overseas acquisition by an Indian drug company. Taro Pharma''s generic profile was the clincher, indicated Sun Pharma. It is optimistic that the acquired company has an upside and can be made profitable through improved sales, product filings and efficiencies. With minority shareholders Franklin Advisers and Templeton alleging discrimination against minority shareholders. The minority shareholders hold a combined nine per cent in Taro. Last week they registered a request with the Tel-Aviv District Court seeking a temporary injunction against the transaction.