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Friday, February 8, 2013

India's Sun Pharma ends deal to take over Israeli unit Taro, (NYSE: TARO)

India's Sun Pharmaceutical Industries Ltd ended its agreement to gain full control over its Israeli unit Taro Pharmaceutical Industries Ltd. The companies decided that ending the deal was in the best interest of their shareholders, Sun Pharma and Taro said in a joint filing.Sun Pharma had last offered $39.50 per share, or about $571 million, for the one-third stake it did not already own in Taro, seemingly winning over the Israeli company's board following a long battle to gain full control of the U.S. listed drugmaker.Taro shares closed at $50.55 on Thursday on the New York Stock Exchange. Sun Pharma shares closed at 746.10 rupees on Friday on the National Stock Exchange.

Taro Pharmaceutical Industries Ltd. (Taro) is a multinational, science-based pharmaceutical company. Shares of TARO remained unchanged at $50.55. In the past year, the shares have traded as low as $31.50 and as high as $51.61. On average, 17144 shares of TARO exchange hands on a given day and today's volume is recorded at 300.