Boston: India’s biggest drug maker by market value Sun Pharmaceutical Industries Ltd has agreed to the US government conditions allowing the firm to buy Taro Pharmaceutical Industries Ltd, regulators said.
Sun said it would sell all rights and assets to three of its drugs so the company can complete its purchase of Taro, the Federal Trade Commission (FTC) said on Wednesday in a statement on its website.
Sun began a hostile effort to take over Israel-based Taro in June after the failure of a bid in May to buy the company for $230 million (about Rs984 crore at current rate) in cash and $224 million to refinance debt. FTC required Mumbai-based Sun to sell its rights to three generic formulations of the anticonvulsant drug carbamazepine to approve the purchase, the agency said in the statement.
Sun owned 39% of Taro as of 25 June.