Sun Pharma and Taro Wrangle Over Merger

Sun Pharmaceutical Industries Ltd. (Mumbai) has threatened legal action against Taro Pharmaceutical Industries Ltd. (Haifa, Israel) regarding Taro’s recent decision to terminate their $454-million merger agreement. Under the May 2007 agreement, Taro is not entitled to terminate the merger, Sun Pharma says. However, Taro says the agreement allows either party to terminate the deal after December 31, 2007. Both companies produce pharmaceutical formulations and active pharmaceutical ingredients (API). Taro cites unspecified operational constraints in the...

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