Advertisement
Sun Pharma has made an offer to acquire the outstanding shareholding in it US subsidiary, Taro Pharma for around $300 million via reverse triangular merger.
In the all cash deal, India’s biggest drug maker will acquire the shares at a price of $38 per ordinary share, which will be playable in full at the close of the proposed transaction, the company said in a BSE filing on Saturday. Currently, Sun holds 78.48% share in Taro.
In another development, Aalok Shanghvi, son of company’s MD and promoter, Dilip Shanghvi, is joining the company as board of director. The company’s board appointed him as a whole-time director for a term of five years effective from June 1, 2023.
Advertisement
Aalok is currently serving as company’s executive VP and head of emerging markets, global generic R&D, global generic business development and API. He joint the pharma giant in 2006 and has handles various roles in marketing, R&D, purchase, communications, and project management. He has done his undergraduate majoring in Cellular and Molecular Biology from the University of Michigan – Ann Arbor.
Post the completion of the deal, Sun Pharma will hold 100% of the outstanding share capital of Taro on a fully diluted basis.
