Taro shareholders approve merger with Sun Pharma

 Sun Pharmaceutical Industries and Taro Pharmaceutical Industries, announced that the merger agreement between Taro and Sun Pharma was approved  by the affirmative vote of Taro shareholders (including a vote of the majority of shares held by Taro  shareholders unaffiliated with Sun Pharma) at an Extraordinary General Meeting and an Ordinary Class  Meeting on May 22, 2024. The details of the merger agreement were announced on January 17, 2024.  

Dilip Shanghvi, Managing Director of Sun Pharma, said, “We are pleased with the approval by Taro’s  shareholders, which, subject to the remaining closing conditions, will enable Taro to merge with Sun. The combined entity will enable us to better serve the needs of patients, healthcare professionals and our  customers around the world.” 

Uday Baldota, Chief Executive Officer of Taro, said, “Throughout our fifteen-year relationship with Sun  Pharma, Taro has benefited from their global scale and resources. This merger will further enable us to  compete effectively in our products and markets.” 

Upon completion of the merger, currently expected to close in approximately 35 days, Taro will become a privately held company wholly  owned by Sun Pharma and soon after its shares will be de-listed from the NYSE.