Key Developments For Taro Pharmaceutical Industries Ltd.
Taro Pharmaceutical Industries Ltd. (TAROF.PK) (USA Pink Sheets)
Taro Pharmaceutical Industries Files Lawsuit Against Sun Pharmaceutical Industries Limited
Taro Pharmaceutical Industries announced that it has filed a lawsuit against Sun Pharmaceutical Industries Limited and certain of its affiliates in the United States District Court for the Southern District of New York alleging, among other things, that Sun failed to disclose to Taro shareholders material information such as (i) the recent action by the U.S. Food and Drug Administration (FDA) against Caraco Laboratories, Inc., Sun's majority owned U.S. subsidiary (Caraco) in which the FDA seized $20 million in products, effectively closing down manufacturing operations of Caraco; (ii) the fact that the FDA action apparently grew out of a long pattern of failure to comply with regulatory requirements governing the manufacture of drugs at Caraco under Sun's controlling hand; (iii) the impact these events and other serious lapses of operational diligence and corporate governance would have on Taro, its operations, business and its shareholders if Sun were to gain control of Taro; (iv) the harm that Sun has inflicted on Caraco's minority public shareholders in order to advantage Sun and Sun's shareholders; (v) suits filed by shareholders of Caraco alleging violations of securities law and failure to disclose material facts; and (vi) recent disclosures by Caraco of the resignation of a Caraco outside independent director over serious corporate governance issues at Caraco.
Sun Pharmaceutical Industries Limited Announces Expiration Of HSR Act Waiting Period For Taro Pharmaceutical Industries Ltd. Tender Offer
Sun Pharmaceutical Industries Limited announced that the Hart-Scott-Rodino (HSR) Act waiting period in connection with the tender offer by Alkaloida Chemical Company Exclusive Group Ltd. (Alkaloida), a subsidiary of Sun, for all outstanding ordinary shares of Taro Pharmaceutical Industries Ltd. (Taro) expired on September 11, 2009. As of September 12, 2009, the HSR condition to the offer is satisfied. The Offer is currently subject to a continuing order issued by the Supreme Court of Israel temporarily prohibiting the closing of the Offer until the Supreme Court issues a decision on the appeal of the litigation commenced against Alkaloida and its affiliates by Taro and certain of its directors regarding the applicability of the special tender offer (STO) rules under the Israeli Companies Law to the Offer. The Tel-Aviv District Court had previously ruled in favor of Sun that a special tender offer was not required. The Offer is scheduled to expire on the fifth business day following the date Alkaloida announces a ruling on the appeal of the STO litigation or if, prior to such ruling, the temporary order is otherwise lifted. If, as of such expiration date, the conditions to the Offer have not been satisfied or, to the extent permitted by applicable law, waived by Alkaloida, Alkaloida reserves the right to further extend the Offer. Greenhill & Co., LLC is acting as the Dealer Manager for the Tender Offer and MacKenzie is acting as the Information Agent for the Tender Offer.
Sun Pharmaceutical Industries Limited Files HSR Application For Taro Pharmaceutical Industries
Sun Pharmaceutical Industries Limited announced that on August 27, 2009, Sun filed a new application with the U.S. Federal Trade Commission (FTC) and the Antitrust Division of the U.S. Department of Justice to restart the Hart-Scott-Rodino (HSR) Act waiting period in connection with the Tender Offer by Alkaloida Chemical Company Exclusive Group Ltd. (Alkaloida), a subsidiary of Sun, for all outstanding Ordinary Shares of Taro Pharmaceutical Industries Ltd. (Taro). The Offer is currently subject to a continuing order issued by the Supreme Court of Israel temporarily prohibiting the closing of the Offer until the Supreme Court issues a decision on the appeal of the litigation commenced against Alkaloida and its affiliates by Taro and certain of its directors regarding the applicability of the special tender offer (STO) rules under the Israeli Companies Law to the Offer. The Tel-Aviv District Court had previously ruled in favor of Sun that a special tender offer was not required. The Offer is scheduled to expire on the fifth business day following the date Alkaloida announces a ruling on the appeal of the STO litigation or if, prior to such ruling, the temporary order is otherwise lifted. As of 5:00 p.m., New York City time, on August 27, 2009, 32,252 Ordinary Shares had been tendered and not withdrawn from the Offer. Greenhill &Co., LLC is acting as the Dealer Manager for the Tender Offer.
Sun Pharmaceutical Industries Limited To File HSR Application For Taro Pharmaceutical Industries Tender Offer
Sun Pharmaceutical Industries Limited announced that as of 11:59 p.m. on August 12, 2009, the early termination of the Hart-Scott-Rodino (HSR) Act waiting period, previously granted by the U.S. Federal Trade Commission (FTC) and the Antitrust Division of the U.S. Department of Justice for the Tender Offer by Alkaloida Chemical Company Exclusive Group Ltd. (Alkaloida), a subsidiary of Sun Pharmaceutical, for all outstanding Ordinary Shares of Taro Pharmaceutical Industries (Taro), has expired. As of such time, the HSR condition to the Offer is no longer satisfied. Sun Pharmaceutical intends to re-file its HSR application to restart the HSR Act waiting period. The Offer is currently subject to a continuing order issued by the Supreme Court of Israel temporarily prohibiting the closing of the Offer until the Supreme Court issues a decision on the appeal of the litigation commenced against Alkaloida and its affiliates by Taro and certain of its Directors regarding the applicability of the special tender offer (STO) rules under the Israeli Companies Law to the Offer.
Taro Pharmaceutical Industries Issues H1, Q2 2009 Revenue Outlook
Taro Pharmaceutical Industries announced that for the first half of 2009 it expects net sales of $181.7 million. For the second quarter of 2009, the Company estimates net sales of $96.8 million.
