Taro’s merger with Sun Pharma gets approval from its shareholders

New Delhi: Sun Pharma and Taro Pharmaceutical Industries have announced that Taro shareholders have approved the merger agreement between the two companies.

The approval came from an Extraordinary General Meeting and an Ordinary Class Meeting held on May 22, 2024, where a majority of Taro shareholders, including those unaffiliated with Sun Pharma, voted in favor.

The merger agreement, initially announced on January 17, 2024, marks a crucial step forward for both companies. Dilip Shanghvi, Managing Director of Sun Pharma, stated, “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, also commented on the merger, “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.”

The merger is expected to be finalized in approximately 35 days, pending the satisfaction or waiver of certain closing conditions. Upon completion, Taro will become a privately held company wholly owned by Sun Pharma, and its shares will be de-listed from the NYSE. This strategic move is anticipated to enhance the combined entity’s ability to meet global healthcare needs more efficiently.