Sun sets on company’s acquisition of Taro

MUMBAI, India Indian generic drug maker Sun Pharmaceutical Industries’ tender offer to acquire Israeli drug maker Taro Pharmaceutical Industries has expired, Sun announced Thursday.

Sun said it plans to renew its offer to buy the company through subsidiary Alkaloida Chemical Co. Exclusive Group, but the offer is subject to an order issued by the Supreme Court of Israel prohibiting its closing until the court resolves litigation against Alkaloida by Taro concerning the application of Israeli laws regulating mergers and acquisitions.

Sun has sought to acquire Taro since June 2008. As of Wednesday, more than 32,000 shares of Taro had been tendered.