Taro and Sun terminate merger plans

HAWTHORNE, N.Y.& MUMBAI, India—Taro Pharmaceutical IndustriesLtd. and Sun Pharmaceutical Industries Ltd. announced Feb. 8 that they have mutuallyagreed to terminate their merger agreement, announced in August 2012,pursuant to which all shareholders of Taro (other than Sun Pharma andits affiliates) would have received a cash payment of $39.50 per shareupon the closing of the merger.

Both of the companies (at the direction of the special committee)agreed that terminating the merger agreement was in the best interest ofthe respective companies and shareholders.

Taro is a multinational, science-basedpharmaceutical company, dedicated to meeting the needs of its customersthrough the discovery, development, manufacturing and marketing of thehighest quality healthcare products.

Established in 1983, listed since 1994 and headquartered in India, Sunis an international, integrated,specialty pharmaceutical company. It manufactures and markets a largebasket of pharmaceutical formulations as branded generics as well asgenerics in India, the United States and several other markets acrossthe world. In India, the company is a leader in niche therapy areas ofpsychiatry, neurology, cardiology, gastroenterology, orthopedics andophthalmology. Sun Pharma has strong skills in product development,process chemistry, and manufacturing of complex API, as well as dosageforms.

SOURCE: Taro and Sun joint news release