September 22, 2010 / 3:03 AM / 9 years ago

India's Sun says completes Taro acquisition

NEW DELHI, Sept 22 (Reuters) - India’s top valued drugmaker, Sun Pharmaceutical Industries Ltd (SUN.BO), said it had completed the acquisition of a controlling stake in Taro Pharmaceutical Industries Ltd TAROF.PK.

Sun, which won an Israeli court ruling earlier this month, said in a statement dated Sept. 21 the parties to the transactions had settled all outstanding litigations among themselves.

Sun’s units have increased their economic interest in Taro to 48.7 percent and their voting rights to 65.8 percent, the Indian firm said, but gave no details about the cost.

In a separate statement, Taro said its current board members were resigning and that appointees of Sun would become directors of Taro, effective immediately. [ID:nWNAB8063]

Taro has factories in Canada and Israel that manufacture topical creams and ointments, liquids, capsules and tablets, Sun Pharma said.

“We intend to build on Taro’s market presence in U.S., Israel and Canada and its expertise in dermatology and pediatrics, along with specialty and generic pharmaceuticals, and over-the-counter products,” Sun Chairman Dilip Shanghvi, who would also serve as chairman of the board of Taro, said in the statement. (Reporting by Devidutta Tripathy; Editing by Ranjit Gangadharan)

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