Drugmaker Sun Pharmaceutical Industries has completed the merger of Israel’s Taro Pharmaceutical Industries, ending a long drawn-out feud between the two companies, that played out across multiple geographies.

“On June 24, the Registrar of Companies in Israel issued a Merger Certificate. As a result of the merger, Taro will be delisted from the NYSE and it becomes a privately-held company 100 per cent (from 78.5 per cent earlier) owned by Sun Pharma,” a note from Sun Pharma said. The total value of the deal is pegged at $347.73 million.

As part of the merger, Sun Pharma acquired all outstanding ordinary shares of Taro other than the shares already held by Sun Pharma or its affiliates. As a consequence, Taro is now a private company and wholly-owned by Sun Pharma, it said. In fact, Sun has been a majority shareholder in Taro since 2010.

Late last month, shareholders of Taro Pharmaceutical had approved the merger agreement with Sun Pharmaceutical Industries, at an Extraordinary General Meeting and an Ordinary Class Meeting, the two companies had said.

Dilip Shanghvi, Sun Pharma Chairman and Managing Director, said on wrapping up the transaction, “The milestone marks a significant step forward for both organisations, allowing us to effectively leverage each other’s strengths and capabilities.” He called it the start of a new chapter, creating a more robust, successful future for the combined entity.

Deal, finally

Sun had made a $454-million offer for Taro (2007) — a deal it sealed after the two companies fought a long cross-country battle. In 2013, it abandoned efforts to mop up Taro’s outstanding shares. But this was revived in May 2023, when it offered $38 per share. This, too, faced opposition from Taro’s largest minority shareholder. The deal was sweetened in December 2023, when Sun Pharma upped its offer to $43 per share.

Headquartered in New York, Taro has business operations in the US, Canada, Israel and Japan. It has manufacturing facilities in Canada (Brampton) and Israel (Haifa). Taro clocked net sales of $ 629 million in FY2023-24, and its product portfolio includes dermatology, besides other prescription and over-the-counter products., a company note said.