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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 , which has been on a buying spree, 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 statement."The decision (to not merge Taro) could prove beneficial for Sun Pharma as long as Taro is generating good cash flow," said Siddhant Khandekar, an analyst at ICICI Direct in Mumbai."There might be structural issues while handling Taro, but it won't hurt Sun to a large extent."

Taro Pharmaceutical Industries Ltd. (Taro) is a multinational, science-based pharmaceutical company. Shares of TARO traded higher by 2.61% or $1.3208/share to $51.87. 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 28521.