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 TaroƆs debt, taking the total value of the deal to $454 million.

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