Taro shows strong results despite merger woes

NEW YORK Taro Pharmaceutical Industries has reported gross profits of $91.5 million for the first six months of 2008 and net sales of $166 million. This translates to a net income of approximately $20.6 million, nearly the same amount as the $21.1 million the company achieved during all of 2007

The numbers come despite a terminated merger agreement with Indian drug maker Sun Pharmaceutical and resulting legal costs and having to spend $10 million to keep operations in Ireland going, though it wants to sell the facility there over objections from Sun.

Sun offered to buy all outstanding ordinary shares of Taro June 30 for $454 million through Alkaloida Chemical Company Exclusive Group, its subsidiary in Hungary.