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Baldota, who has also been nominated to Taro's board of directors, is expected to begin his role as CEO on or about April 1, 2017, and will focus solely on the Taro business.
Drug major Sun Pharma's Israeli arm Taro Pharmaceutical Industries plans to buy back shares worth USD 250 million (over Rs 1,683 crore).
Taro Pharmaceutical Industries's fourth quarter net income grew by 70 percent to USD 152.3 million compared to USD 89.6 million in the year-ago period. Higher revenue, operational performance and forex income helped the bottomline.
Taro Pharmaceutical Industries, a subsidiary of Sun Pharma, has reported a 28.7 percent growth in bottomline during October-December quarter at USD 142.5 million on yearly basis. The bottomline growth was driven by revenue, gross margin and cost containment.
Sun Pharma's revenue is expected to rise 23 percent year-on-year to Rs 3,287 crore, driven by over 20 percent growth in US sales. Domestic formulations sales are, however, likely to be lower due to the impact of the new drug pricing policy.
Israel-based Taro's first quarter net income declined 7 percent, while revenue fell 4 percent, which the company said was due to a one-time charge taken to meet contractual obligations.
Shares in Sun Pharmaceutical Industries gain 1.8 percent after Credit Suisse said the drug maker's subsidiary Taro Pharmaceutical Industries has pushed through price increases in three products last week, citing industry checks.
