sun-pharmaceutical-buys-israeli-business

Sun Pharmaceutical buys Israeli business

India's Sun Pharmaceutical acquires Israel's Taro Pharmaceutical for $454 million in the first investment in Israel by an India-based pharma company.
India's Sun Pharmaceutical Industries has announced that it will acquire Israel's Taro Pharmaceutical Industries for $454 million in cash, in the first investment in Israel by an India-based drug company.

Sun will pay $7.75 per share in cash, a premium of 27% over Taro's May 18 closing price of $6.10, which represents an equity value of approximately $230 million. Sun will also refinance $224 million of TaroÆs debt, taking the total value of the deal to $454 million.

For its most recent fiscal year, Taro had net sales of $297.7 million suggesting that Sun has paid a sales multiple of 1.5 times. Taro's net income was $5.7 million suggesting Sun has valued the company at...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222