Taro cites Sun’s “conduct at Caraco” ahead of AGM

- Last updated on GMT

Related tags: Firm, Food and drug administration

Taro Pharmaceutical Industries has warned shareholders about “Sun’s conduct at Caraco” in its latest effort to block the Indian firm’s takeover bid.

In a December 10 letter, Taro urged shareholders to reject the offer at the firm's forthcoming AGM on December 31, alleging that: “Since Sun acquired its majority interest in Caraco, it has acted in Sun’s best interests, not the best interests of the other Caraco shareholders​.”

Taro also raised the seizure of Caraco inventories by the US Food and Drug Administration (FDA) earlier this year, as another reason shareholders should not back Sun’s offer, citing FDA criticism of the company’s management as its justification.

The move is just the latest in an acrimonious takeover battle the two firms have engaged in since Sun invested more than $400m in the then struggling Israeli generics firm in 2007.

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