Sun agrees to FTC conditions on Taro acquisition

NEW YORK Mumbai, India-based Sun Pharmaceutical Industries has agreed to the Federal Trade Commission’s conditions for allowing it to buy Israeli drug maker Taro Pharmaceutical Industries, according to reports.

The FTC filed a complaint Wednesday challenging Sun’s acquisition, alleging that it would take control of three generic drugs that it already controls, making the deal anticompetitive.

The products are three formulations of carbamazepine, an anticonvulsant drug. Both companies either manufacture the formulations and sell them in the United States or will soon enter them the market, pending Food and Drug Administration approval.

The FTC conditions require Sun to sell the rights and assets for the three drugs.

Sun mounted a hostile takeover of Taro after its $454 million bid in May failed.