Sun Pharma to buy remaining stake in Taro Pharma for $347.8 million. Details here

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Also Read | Nifty Pharma hits all-time high; 10 stocks including Lupin, Cipla, Glenmark Pharma, Divi's Labs touch one-year peaks The offer from Sun Pharma totals approximately $347.8 million, according to Reuters calculations, and represents a 4.2% premium to Taro's closing share price on the preceding January 17. Sun Pharma, which presently holds a 78.5% stake in Taro, had initially proposed to purchase the remaining stake at $38 per share in May.

Also Read | Pharma Outlook 2024: How are Cipla, Sun Pharma, Dr Reddy's and others likely to perform this year? After almost 17 years of negotiations and discussions, this deal marks the conclusion of Sun Pharma's efforts to secure full ownership of the U.S.-listed generic drug manufacturer, predominantly operating in the United States and Canada. Als Read | Sunpharma share price : Sunpharma closed today at ₹1299.25, down -1.09% from yesterday's ₹1313.55 Upon the successful completion of the merger, anticipated in the first half of the year, Taro will transition into a privately held entity and will be delisted from the New York Stock Exchange, as stated by the involved companies.

Notably, in November, the US government dropped charges against a former Taro executive accused of conspiring to manipulate generic drug prices between 2013 and 2015. In July 2020, Taro had agreed to pay over $200 million to settle criminal allegations related to price-fixing, amidst a broader Justice Department crackdown on purported pricing misconduct in the generic drug market.