Sun seeks to get the ball rolling again on Taro acquisition

MUMBAI, India An Indian generic company will restart its bid to buy an Israeli drug maker.

Sun Pharmaceutical Industries announced last week that it had filed an application with the Federal Trade Commission and the Antitrust Division of the Department of Justice to restart the Hart-Scott-Rodino Act waiting period related to its tender offer to buy Taro Pharmaceutical Industries through subsidiary Alkaloida Chemical Co.

The Supreme Court of Israel issued an order temporarily suspending the offer until it makes a decision on litigation by Taro against Alkaloida concerning the applicability of the offer under Israeli law.