Shearman & Sterling, as U.S. legal counsel, advised Taro Pharmaceutical Industries Ltd. in its merger with Sun Pharmaceutical Industries Limited whereby Sun Pharma, Taro's controlling shareholder, has agreed to acquire all of the outstanding ordinary shares of Taro other than the shares already held by Sun Pharma or its affiliates for $43.00 per share in cash without interest.

The transaction was announced on Jan. 17, 2024 in a press release.

The merger agreement was unanimously recommended by the Special Committee, which was formed by Taro's Board of Directors to consider Sun Pharma's proposal. Upon receiving the unanimous recommendation of the Special Committee, and following unanimous approval by Taro's Audit Committee, Taro's Board and the Board of Directors of Sun Pharma unanimously approved the definitive merger agreement. The merger is subject to shareholder approval, including a majority of the non-affiliated shareholders.

Taro is a New York-based multinational pharmaceutical company dedicated to the discovery, development, manufacturing and marketing of the highest quality healthcare products. Sun Pharma, the largest pharmaceutical company in India, is the world's fourth largest specialty generics company with presence in Specialty, Generics and Consumer Healthcare products.

The Team