Sun Pharma to acquire remaining stake in subsidiary Taro for $348 million

Sun Pharma has announced its intention to acquire the remaining shares of its Israeli subsidiary, Taro Pharma, at a rate of $43 per share, totaling approximately $348 million. This acquisition cost represents 21.52% of Taro's total outstanding shares. Sun Pharma, holding a current stake of about 78.5% in Taro, initially proposed to purchase the remaining stake at $38 per share in May. Following the anticipated conclusion of the merger, slated for the first half of 2024, Taro is set to transition into a privately held company.