Welcome to our dedicated page for Taro Pharmaceutical Industries Ltd. news (Ticker: TARO), a resource for investors and traders seeking the latest updates and insights on Taro Pharmaceutical Industries Ltd. stock.
Taro Pharmaceutical Industries Ltd. (NYSE: TARO) is a global, research-based pharmaceutical company founded in 1950. Specializing in the development, manufacturing, and marketing of prescription and over-the-counter pharmaceutical products, Taro operates across key therapeutic categories including dermatological, cardiovascular, neuropsychiatric, and anti-inflammatory treatments. The company’s product portfolio features semi-solid formulations like creams and ointments, as well as liquids, capsules, and tablets.
Taro’s innovative research initiatives and niche market strategies have positioned the company as a leader in the specialty pharmaceutical sector, achieving some of the highest gross margins in the industry. The bulk of Taro's revenue is derived from the United States, with a significant presence in Canada, Israel, and other international markets.
Recently, Taro has entered into a definitive merger agreement with Sun Pharmaceutical Industries Ltd., its controlling shareholder. Sun Pharma has agreed to acquire all outstanding ordinary shares of Taro at US$43.00 per share, a 48% premium over the closing price on May 25, 2023. This merger is anticipated to be completed in the first half of 2024, pending various closing conditions, including shareholder approvals.
The merger aims to leverage Sun Pharma’s extensive global capabilities, enhancing Taro’s ability to serve patients and healthcare professionals worldwide. Post-merger, Taro will become a privately-held company, delisting from the NYSE.
For more comprehensive details about the company's operations, financials, and the ongoing merger, visit Taro's official website or the SEC’s online resources.
Sun Pharmaceutical Industries announced the successful completion of its merger with Taro Pharmaceutical Industries. Sun Pharma acquired all outstanding ordinary shares of Taro, making Taro a private and wholly-owned subsidiary. This merger enhances Sun Pharma's competitive edge in the generics industry. The combined entity aims to leverage mutual strengths for a robust future. Sun Pharma, a leading specialty generics firm, operates globally with a strong presence in dermatology, ophthalmology, and onco-dermatology.
On May 22, 2024, Taro shareholders approved the merger with Sun Pharma during an Extraordinary General Meeting and an Ordinary Class Meeting.
The merger agreement, initially announced on January 17, 2024, received affirmative votes from Taro shareholders, including the majority of unaffiliated holders. This merger is expected to close in 35 days, subject to remaining conditions.
Dilip Shanghvi, Managing Director of Sun Pharma, and Uday Baldota, CEO of Taro, highlighted the benefits of the merger, including enhanced global competition and better service to patients and customers.
Post-merger, Taro will become a wholly owned subsidiary of Sun Pharma and will be delisted from the NYSE.
Taro Pharmaceutical Industries announced unaudited financial results for the year ended March 31, 2024. Net sales rose by 12.5% for the quarter and 9.8% for the year, driven mainly by new launches and GTN adjustments. Gross profit margins improved slightly, and net income for the quarter more than doubled to $15.1 million, with an EPS of $0.40. For the year, net income surged to $53.9 million, resulting in an EPS of $1.43. However, operating income declined when excluding GTN adjustments and one-time charges. R&D and SG&A expenses saw significant increases, including $14.2 million in one-time charges. The company reported strong cash flows and a robust cash position of $1.3 billion as of March 31, 2024.
Taro Pharmaceutical Industries has announced it will release its financial results for the fiscal year ending March 31, 2024. The report will be made available after the market closes on Monday, May 20, 2024.
Investors can access the financial results on Taro's official website.
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