Content about Sun Pharmaceutical

Over the last few years of DSN’s coverage of the impending patent cliff and how it would affect the generic drug industry, IMS Health VP industry relations Doug Long predicted that the gradual commoditization of primary care drugs — long the lifeblood of generic drug makers — would lead to consolidation of the industry.


MUMBAI, India — Sun Pharmaceutical Industries will take Taro Pharmaceutical Industries private, under a merger agreement between the two companies announced Sunday.

Sun, based in India, has sought to buy Israel-based Taro since 2007 and owns about 77.5% of the latter's shares.

After the merger is complete, Taro will become a privately held company and wholly owned subsidiary of Sun. Taro shareholders will receive $39.50 per share.

MUMBAI, India — Generic drug maker Sun Pharmaceutical Industries appointed a new chairman as the company announced big jumps in fourth-quarter and fiscal year 2012 sales and profits.

The drug maker announced the appointment of former Teva Pharmaceutical Industries president and CEO Israel Makov as chairman. Makov, who began working for Teva in 1995, and led it as president and CEO from 2002 to 2007, is widely credited with that company becoming the world's largest generic drug maker and one of the world's largest drug makers overall.

HAIFA BAY, Israel — A committee formed by Taro Pharmaceutical Industries in December is continuing to evaluate an acquisition offer by India-based Sun Pharmaceutical Industries, Taro said.

Sun is hoping to acquire Israel-based Taro for $24.50 per share.

The committee, comprising members of the company's board of directors, has brought on Citigroup Global Markets as its financial adviser and is receiving legal advice from Israeli legal firm Goldfarb Seligman & Co. and U.S. firm Willkie Farr & Gallagher.

HAIFA BAY, Israel — Israel's Taro Pharmaceutical Industries has formed a special committee to review an offer by India's Sun Pharmaceutical Industries for all of the shares of Taro that it doesn't already own, Taro said.

Sun offered Taro $24.50 per share on Oct. 18. Sun has sought to acquire Taro since 2008.

Taro reported a 14.2% increase in sales in second quarter 2011 over second quarter 2010, while profits increased by $19.3 million during the same period.

MUMBAI, India — Generic drug maker Sun Pharmaceutical Industries has received regulatory approval for a drug designed to treat an enlarged prostate.

According to the Food and Drug Administration's website, Sun Pharma's finasteride tablets in the 5-mg strength were approved on Aug. 16.

Finasteride is the generic equivalent of Proscar and Propecia, which are made by Merck.

DETROIT — Generic drug maker Caraco Pharmaceutical Industries will merge with Sun Pharmaceutical Industries, Caraco said Tuesday.

Sun, which already owns 75.8% of Caraco, will pay $5.25 per share for the remaining shares of Caraco that it doesn’t already own and make Caraco a private company.

Sun originally made the going private offer in December, offering $4.75 per share for Caraco.

MUMBAI, India Sun Pharmaceutical Industries' subsequent offering period by one of its subsidiaries for all outstanding ordinary shares for drug maker Taro has expired, Sun Pharma said Wednesday.

Sun subsidiary Alkaloida Chemical Company Exclusive Group was informed that 29,382 ordinary shares of Taro had been tendered as of Tuesday. During the pendency of the subsequent offering period, no additional shares have been tendered. All tendered ordinary shares were accepted for payment.