Sun Pharma’s efforts to mop up the remaining shares in Israel’s Taro Pharma appears to have entered the final leg, with the two companies announcing a merger agreement. “Pursuant to the Merger Agreement, Taro will merge with a company that is controlled by Sun Pharma upon completion of the merger, Taro will become a privately-held company and an indirect wholly-owned subsidiary of Sun Pharma,” Taro said in a filing with the US SEC. “The Merger Agreement provides each of Taro and Sun Pharma with certain termination rights under certain circumstances, in each case without requiring payment of a termination fee,” it added. Herzog, Fox & Neeman is acting as the Israeli legal counsel to Sun Pharma, while Davis Polk & Wardwell LLP is acting as its US legal counsel. Meitar is acting as Israeli legal counsel to Taro and Shearman & Sterling LLP is acting as US legal counsel to Taro.

Source: The Hindu January 18, 2024 11:25 UTC