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Dilip Shanghvi, Chairman and Managing Director, Sun Pharma | Photo Credit: PAUL NORONHA
With the merger of Israel’s Taro Pharma now done, the process of integration is underway and “no major structural changes” are expected, said Sun Pharmaceutical Chairman and Managing Director Dilip Shanghvi.
Taro is now a private company, a wholly-owned subsidiary of Sun Pharma, and teams from both companies are working on the integration to create a single organisation for customers and suppliers, Shanghvi told analysts, after it announced its financial performance for the three months that ended June 30, 2024.
Late in June, Sun Pharma said it had completed the merger of Taro Pharmaceutical Industries, putting an end to a 10-year feud between the two companies.
Sun had made a $454-million offer for Taro (2007) and sealed the deal after a cross-country battle. Headquartered in New York, Taro has business operations in the US, Canada, Israel and Japan, besides manufacturing facilities in Canada (Brampton) and Israel (Haifa).
Sun Pharma already held about 80 per cent in Taro, before the final mop-up of outstanding shares this year. Shanghvi said, he did not see any short-term synergies, but it could evolve over the long term, he added.
In a separate development involving a preliminary injunction in a US Court on Leqselvi, (its alopecia drug, recently approved in the US), – Sun’s management said, they intended to “vigorously oppose” it and work towards an outcome. Earlier in a statement, Shanghvi had pointed to the approval of Leqselvi in the US as a milestone, besides the filing of Nidlegy in Europe, and the completion of acquisition of Taro’s minority shares.
Sun Pharma’s total revenue from operations for the first quarter under review (Q1 FY 25), stood at ₹12,652 crore, a growth of 5.9 per cent, over the same period last year. Its net profit for the period under review stood at ₹2,835 crore, up 40.2 per cent over the same period last year. Sun’s India formulation sales at ₹4,144 crore, up 16.4 per cent over last year; its US formulation sales clocked $466 million, down 1 per cent.
Published on August 2, 2024
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