Content about Taro

December 6, 2013

Taro Pharmaceutical Industries plans to repurchase up to $200 million of its own shares, the Israeli generic drug maker said.

HAWTHORNE, N.Y. — Taro Pharmaceutical Industries plans to repurchase up to $200 million of its own shares, the Israeli generic drug maker said.

Taro announced a tender offer to repurchase the shares for between $84.50 and $97.50 each, with the total amount representing 4.6% to 5.3% of its outstanding shares.

The offer expires on Dec. 23, the company said.

 

February 8, 2013

Israeli drug maker Taro Pharmaceutical Industries and Indian drug maker Sun Pharmaceutical Industries have terminated their merger agreement, the companies said in a joint statement Friday.

 HAWTHORNE, N.Y. - Israeli drug maker Taro Pharmaceutical Industries and Indian drug maker Sun Pharmaceutical Industries have terminated their merger agreement, the companies said in a joint statement Friday.

Little explanation for the decision to halt the deal was given, except that terminating the agreement was "in the best interest of the respective companies and shareholders." Taro shareholders would have received $39.50 per share upon the closing of the deal.

August 13, 2012

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

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.

July 19, 2012

Israeli drug maker Taro Pharmaceutical Industries has rejected India-based Sun Pharmaceutical Industries' takeover bid, Taro said Thursday.

HAWTHORNE, N.Y. — Israeli drug maker Taro Pharmaceutical Industries has rejected India-based Sun Pharmaceutical Industries' takeover bid, Taro said Thursday.

Taro said its board of directors unanimously voted to reject a $24.50-per-share offer Sun made on Oct. 18, 2011. Taro began listing its shares on the New York Stock Exchange in March.

Sun has sought to buy Taro since 2007.


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March 20, 2012

Taro Pharmaceutical Industries will list its shares on the New York Stock Exchange, the Israel-based generic drug maker said Monday.

HAWTHORNE, N.Y. — Taro Pharmaceutical Industries will list its shares on the New York Stock Exchange, the Israel-based generic drug maker said Monday.

Starting Thursday, shares of Taro will trade on the exchange under the ticker symbol "TARO" and will concurrently cease to trade on the over-the-counter Pink Sheet markets.

January 17, 2012

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

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.

December 6, 2011

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

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.

October 4, 2011

Taro Pharmaceutical Industries recently appointed a new member to its board, following the resignation of Hasmukh Shah.

HAWTHORNE, N.Y. — Taro Pharmaceutical Industries recently appointed a new member to its board, following the resignation of Hasmukh Shah.

Shah, who cited personal reasons for leaving the drug maker's board, was replaced by Dov Pekelman, who currently serves as chairman of both Atera Networks and Gilon Investments. Pekelman also served as senior consultant for Teva Pharmaceutical Industries from 1985 to 2008.

Pekelman will serve until Taro's next annual general meeting of shareholders.

May 31, 2011

Taro realized a 21% increase in net sales for its first quarter, the drug maker said.

HAWTHORNE, N.Y. — Taro realized a 21% increase in net sales for its first quarter, the drug maker said.

The company said it raked in net sales of $107.7 million, an increase of $18.7 million. Diluted earnings per share totaled 58 cents, compared with 21 cents in the prior-year period.

Operating income for Taro increased 84.4% to $33.4 million, or 31% of net sales, compared with $18.1 million, or 20.3% of net sales, in 2010.

During the period, Taro received three abbreviated new drug applications from the Food and Drug Administration.

April 26, 2011

Taro said that the Food and Drug Administration has declared the drug maker's manufacturing facility in Canada as having acceptable regulatory status.

HAWTHORNE, N.Y. — Taro said that the Food and Drug Administration has declared the drug maker's manufacturing facility in Canada as having acceptable regulatory status.

The drug maker said it diligently worked to resolve issues noted in an FDA warning letter dated Feb. 5, 2009. The regulatory agency reinspected the manufacturing facility last February.

September 28, 2010

Sun Pharmaceutical Industries' subsequent offering period by one of its subsidiaries for all outstanding ordinary...

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.

August 23, 2010

Taro Pharmaceutical Industries had increases in sales and profits during the first half of the...

February 23, 2010

Taro Pharmaceutical Industries will shut down manufacturing at its factory in Ireland, the Israeli generic...

January 4, 2010

An Israeli drug maker said that its shareholders voted to elect all of the directors...