In the latest move taken by the pharmaceutical brand, Sun Pharma on May 27, has offered to acquire the shares it doesnt already own in Taro Pharmaceutical Industries, in which it is a majority shareholder, for USD 38 apiece.Currently, Sun Pharma owns a 78.48 percent of stake in Taro.Reportedly, Taro has made a special committee to evaluate the offer after the shares of the company went up by 25 percent in after trading on May 26.Apart from this, Dilip Shanghvi, the managing director of Sun Pharma has provided an overview to the results of Q4. Taking it to Twitter, he shared…We have announced our Q4 & Full Year FY23 results.Read more: https://t.co/OpchWKbEZi pic.twitter.com/OiC7SLY2Qx— Sun Pharma (@SunPharma_Live) May 26, 2023 As per the press release shared by the company, the USD 38 per share offer represents a premium of 32 percent over Taros closing price on May 25 and 41.5 percent above the ordinary shares average closing price over the previous 60 trading days.The plan is to buy all of Taros outstanding stock in an all-cash deal, making Sun Pharma the sole owner of the companys stock after the deal closes. Particularly noteworthy is Taro Pharmaceuticals, which has operations in Israel, the USA, and Canada.The final approvals of the body will depend on the various subjects, the execution and delivery of binding legal documentation to the satisfaction of all parties, including the shareholders of Taro following Sections 270(4) and 275 of the ICL receipt of any necessary third-party approvals and receipt of applicable regulations are just a few of the conditions that must be met before the transaction can be finalised.Sun Pharma records Q4 net profit at Rs 1,984 croreSun Pharmaceutical Industries Ltd. on May 26, reported that its consolidated net profit for the fourth quarter grew to Rs 1,984.5 crore compared with a net loss of Rs 2,277.3 crore in the same period last year, due to improved performance. Whereas, the gross sales recorded at Rs 10,725.6 crore grew 14.3 percent Year on Year (YoY).India formulation sales at Rs 3,364.1 crore was up 8.7 percent YoY and US formulation sales at USD 430 million were up 10.5 percent compared with Q4 last year, it said. Emerging Markets formulation sales at Rs 221 million, were up 7.5 percent while the Rest of World formulation sales at USD 191 million was up 7.4 percent YoY, the company added.
