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Sun Pharma buys controls of Taro

This article was originally published in The Tan Sheet

Executive Summary

The Indian firm acquires a majority stake in Taro Pharmaceutical Industries for $144 million - substantially less than its initial offer of $434 million for 100 percent of the firm three years ago. Sun Chairman and Managing Director Dilip Shanghvi takes over as chairman of Taro, which distributes primarily in Israel, Canada and the U.S. Taro's reported net sales reached $360.5 million in 2009. Sun has 48.7 percent economic interest in Taro and 65.8 percent voting rights on management decisions. Taro owner Barrie Levitt maintains a 12 percent stake, but has 41 percent voting rights. Sun Director Sudhir Valia is vice chair of Taro, and his son, Aalok Shanghvi, and Sun Director Hasmukh Shah were appointed directors. FDA has approved Taro private label equivalents of branded OTCs including McNeil Consumer Healthcare's Zyrtec allergy drug (1"The Tan Sheet" Aug. 10, 2009, In Brief)

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