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