Sun Pharma to Take Taro Private
News Aug 12, 2012
The merger agreement provides that all shareholders of Taro other than Sun Pharma and its affiliates will receive a cash payment of $39.50 per share upon the closing of the merger. Sun Pharma and its affiliates collectively own approximately 66.0% of the outstanding Taro ordinary shares and 100% of Taro’s founders shares, representing approximately 77.5% of the outstanding voting power in Taro.
Upon completion of the merger, Taro will become a privately held company, will be wholly owned by affiliates of Sun Pharma, and its ordinary shares will no longer be traded on the New York Stock Exchange.
The closing of the merger is subject to certain terms and conditions customary for transactions of this type, including the affirmative vote at the shareholder meeting to be convened to approve the merger (the “Shareholder Meeting”) of (1) at least 75% of the voting power of the Taro ordinary shares voting at the Shareholder Meeting, (2) at least 75% of the voting power of the Taro founders shares voting at the Shareholder Meeting and (3) at least 75% of the total voting power of Taro (ordinary shares and founders shares together) voting at the Shareholder Meeting, including at least a majority of the voting power voted that is not held by Sun Pharma or its affiliates (unless the total voting power of Taro held by holders other than interested shareholders and voting against the merger does not exceed 2% of the total voting power of Taro). In connection with the proposed transaction, Taro intends to mail a proxy statement to its shareholders and to file relevant materials with the United States Securities and Exchange Commission.
The merger agreement was approved by Taro’s Board of Directors based upon the recommendations and approvals of the Special Committee of Taro’s Board of Directors (the “Special Committee”) and the Audit Committee of Taro’s Board of Directors. The Special Committee was advised by its independent financial advisor Citigroup Global Markets Inc. and its independent legal counsel Goldfarb Seligman & Co. as its Israeli legal counsel and Willkie Farr & Gallagher LLP as its United States legal counsel.
Novel Green Chemistry Method Improves Pharmaceutical Manufacturing EfficiencyNews
About 70 percent of pharmaceuticals are manufactured using palladium-driven catalytic processes that are either fast or efficient - but not both. Researchers have now developed a green chemistry method that combines aspects of both processes to improve efficiency at a minimal cost of processing time.READ MORE
Sustainable Production Method Could Advance Pharmaceuticals and PlasticsNews
A team of chemical engineers have developed a new, cost-effective method for synthetically producing a biorenewable platform chemical called triacetic acid lactone (TAL) that can be used to produce innovative new drugs and sustainable plastics at an industrial scale.READ MORE
Cannabinoids Are Easier on the Brain Than Booze, Study FindsNews
The research was published in the journal Addiction.READ MORE