Page 142 - CW E-Magazine (4-6-2024)

Pharmaceuticals

DELAYED DEAL
Taro shareholders approve merger with Sun Pharma

The shareholders of Taro Pharma- Director of Sun Pharma, commented, deal, but in 2008, Taro had unilaterally
ceutical of Isrrael have approved its “We are pleased with the approval by terminated the deal, which Sun Pharma
merger with Sun Pharmaceutical Indus- Taro’s shareholders, which, subject to challenged in the Supreme Court of
tries, almost 17 years after Sun Pharma the remaining closing conditions, will New York.
signed an agreement to acquire Taro in enable Taro to merge with Sun. The
a $454-mn deal. combined entity will enable us to better In September 2010, Sun Pharma
serve the needs of patients, healthcare acquired a controlling stake of 48.7%
“The merger agreement between professionals and our customers around in Taro. In 2012, Sun Pharma proposed
Taro and Sun Pharma was approved by the world.” to buy Taro shares for $39.5 per share.
the affi rmative vote of Taro shareholders Sun continued to pick up stake in Taro
(including a vote of the majority of Upon completion of the merger, over the years, taking its shareholding
shares held by Taro shareholders unaf- Taro will become a privately held to 78.48%. In January this year, Sun
fi liated with Sun Pharma) at an Extra- company wholly-owned by Sun Pharma Pharma said it had entered into an
ordinary General Meeting and an Ordi- and soon after its shares will be de-listed agreement with Taro to acquire the
nary Class Meeting on May 22, 2024,” from the New York stock exchange. balance of 21.52% stake in the company
a press note informed. for a cash consideration of $43 per
In 2007, Sun Pharma had signed an share, amounting to $347.73-mn
Mr. Dilip Shanghvi, Managing agreement to acquire Taro in a $454-mn (Rs. 2,892-crore).

SYNTHETIC LIRAGLUTIDE
Biocon signs licensing deal with Handok in South Korea

Bengaluru-based Biocon an- facturing, and supply of Liraglutide, opportunity of $47-mn, according to
nounced an exclusive licensing and while Handok will be responsible for IQVIA MAT Q4 2023. Mr. Siddharth
supply agreement with Handok, a South regulatory approval and commerciali- Mittal, CEO and Managing Director
Korean pharmaceutical company, for sation in South Korea. of Biocon, said, “We are pleased to
the commercialisation of synthetic lirag- enter into this strategic partnership
lutide in South Korea. Handok is known for its diabetes with Handok, which will enable
management solutions, including patients in South Korea dealing with
Liraglutide, an injection in a pre- products like Amaryl, Tenelia, and weight management to gain access
fi lled pen, is used for chronic weight Barozen Fit, a glucose monitoring to our GLP-1 peptide drug product,
management alongside a reduced- device. The partnership aims to leve- synthetic Liraglutide. We look forward
calorie diet and increased physical rage Handok’s expertise to intro- to leveraging Handok’s strong capa-
activity. Under this agreement, Biocon duce Liraglutide to the Korean mar- bilities to help patients in the region
will handle the development, manu- ket, which has an estimated market better manage their disease.”
OUTLOOK
‘Indian drug fi rms to see FY25 revenue boost in

US market’

Indian drugmakers, which have the The world’s largest drug market is as of April, led mainly by discontinuing
US market as a key segment, will sus- facing decade-high drug shortages, the production of some drugs, rising de-
tain their revenue improvement in fi scal research fi rm said in a note citing data mand and delays in shipments, it said,
2025 due to drug shortages in the from with Utah Drug Information Ser- also citing data from the US Food and
US, Mumbai-based India Ratings and vice. There is an active shortage of 233 Drug Administration. “US-catering
Research said. drugs across 22 therapeutic categories Indian generic players have seen a strong

142 Chemical Weekly June 4, 2024

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