Sun Pharmaceutical Industries Limited experienced a notable uptick of 3% in its stock value after Taro Pharmaceutical Industries (NYSE: TARO) unveiled strong financial results, surpassing analyst expectations. Taro Pharma reported third-quarter earnings per share (EPS) of $0.54, exceeding the anticipated $0.30. Additionally, quarterly revenue stood at $157.15 million, surpassing the consensus estimate of $154.91 million.
As of 9:25 am the shares were trading 3.34% higher at ₹1,414.00
InvestingPro rates Taro Pharma Industries’s Financial Health as “great performance,” emphasizing the positive trajectory of the company’s economic standing. For more insights into Taro Pharma Industries’s recent earnings performance and financials, interested parties can refer to Investing.com’s comprehensive reports.
In a significant development, Sun Pharmaceutical Industries Limited, an Indian pharmaceutical giant, declared its intent to acquire all outstanding shares of Taro Pharmaceutical Industries at $43 per share in cash. This strategic move, announced on January 17, represents Sun Pharma’s bid to secure complete control over its subsidiary. The proposed offer, amounting to approximately $347.8 million, reflects a 4.2% premium to Taro’s closing share price on the preceding January 17.
Sun Pharma, already holding a 78.5% stake in Taro, had initially proposed the acquisition of the remaining stake at $38 per share in May. After nearly 17 years of negotiations, this deal signifies the culmination of Sun Pharma’s efforts to attain full ownership of the U.S.-listed generic drug manufacturer, predominantly active in the United States and Canada.
