Sun to take Taro private

MUMBAI, India — Sun Pharmaceutical Industries will take Taro Pharmaceutical Industries private, under a merger agreement between the two companies announced Sunday.



Sun, based in India, has sought to buy Israel-based Taro since 2007 and owns about 77.5% of the latter's shares.



After the merger is complete, Taro will become a privately held company and wholly owned subsidiary of Sun. Taro shareholders will receive $39.50 per share.

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