Sun Pharma To Acquire 100% Stake In Its Us Subsidiary Taro | - Times of India
Summary
MUMBAI: India’s biggest drug maker Sun Pharma has offered to acquire the outstanding shareholding in its United States-based subsidiary, Taro Pharma for around $300 million through a reverse triangular merger.In the all-cash deal, Sun Pharma will acquire the shares at a price of US $38 per ordinary share which will be payable in full at the close of the proposed transaction, the company said in a BSE filing on Saturday. Aalok is at present the company’s executive VP and head of emerging markets, global generic R&D, global generic business development and API.Aalok joined the company in 2006 and has handled various roles in marketing, R&D, project management, purchase and communications. In 2010, he headed the Bangladesh division and by 2014, he took over the emerging markets business, which is spread across 80 countries covering Africa, Middle East, APAC, Eastern Europe, CIS, and Latam. He has done his undergraduate majoring in Cellular and Molecular Biology from the University of Michigan–Ann Arbor.Further, the filing said, “We believe that the proposed transaction provides a compelling liquidity opportunity for the company’s shareholders and will benefit the company and all of its stakeholders.”The proposed price represents a premium of 31.2% over Taro’s closing price on May 25, a 41.5% premium over Taro’s average closing price in the last 60 days, Sun Pharma said in its filing to the exchanges.After the completion of the deal, Sun Pharma will hold 100% of the outstanding share capital of Taro on a fully diluted basis.“We envisage the proposed transaction to be consummated in the form of a reverse triangular merger under the Israeli Companies Law, 1999 and practice. Hoffmann is a strategic and results-orientated executive who had stints in Eli Lilly & Company and Amgen earlier.