MUMBAI, India - Sun Pharmaceutical Industries Ltd. and its subsidiaries announced Monday the acquisition of Taro Pharmaceutical Industries Ltd., a multinational generic manufacturer, for $454 million.
Taro has subsidiaries and manufacturing operations in the U.S., Israel and Canada, with North America representing over 90 percent of its sales.
The acquisition will allow Sun Pharma to increase its business in dermatology and pediatrics, along with specialty and generic pharmaceuticals, and over-the-counter products, according to Sun Chairman and Managing Director, Dilip Shanghvi.
Taro, headquartered in Haifa, Israel, had 2005 sales of $298 million and profit of $5.7 million.
Sun Pharma manufactures pharmaceutical formulations as branded generics as well as generics in India, the U.S. and other world markets.
