Sun takes Taro private

Sun Pharmaceutical Industries Ltd. and Taro Pharmaceutical Industries Ltd. have entered into a merger agreement along with certain affiliates of Sun Pharma.

The agreement calls for all shareholders of the Hawthorne-based Taro other than Sun Pharma and its affiliates to get $39.50 per share. Sun Pharma and its affiliates own about 66 percent of Taro’s ordinary shares and all of Taro”™s founders’ shares, representing approximately 77.5 percent of the voting power in Taro.

Taro will become a privately held company, owned by affiliates of Sun Pharma, and its ordinary shares will no longer trade on the New York Stock Exchange.