On May 26 of this year, Sun Pharma expressed interest in acquiring all shares of Taro Pharma, surpassing its 78.48% stake.
The deal involves Alchemee's entire business and assets all over the world, including the Proactiv brand
Shigamab is a monoclonal antibody therapy being developed for the treatment of Hemolytic Uremic Syndrome caused by Shiga toxin-producing E. coli (sHUS), a rare disease that principally affects the kidneys and often leads to patients requiring acute dialysis.
The world's fifth-largest maker of generic drugs was the first among its Indian peers to enter the roughly USD 5 billion US dermatology space by acquiring a controlling stake in Israel's Taro Pharmaceutical Industries Ltd in 2010.
Taro has recalled two lots of a key drug on September 2, citing failed content uniformity specifications, according to drug regulator. The drug contributes nearly 5 percent of Taro's sales, analysts say.
The Indian pharma sector, estimated to be around Rs 1.5 lakh crore, recorded single digit growth for the first time in several years on account of deeper price cuts under pricing policy and selective boycott of companies by the retailers.
Taro Pharmaceutical and Sun Pharma have mutually agreed to terminate their merger agreement, announced in August 2012, reports CNBC-TV18's Archana Shukla.
Shares in Sun Pharmaceutical Industries Ltd rose as much as 4.5 percent after the US Food and Drug Administration approved its generic version of ovarian cancer drug Doxil made by Johnson & Johnson in the US market.
Healthcare firm Sun Pharma gained more than 4 percent in early trade after its subsidiary Taro reported excellent numbers in the December quarter.
Israeli firm Taro Pharmaceutical Industries Ltd today said it has postponed a meeting of shareholders to consider the company's proposed merger with Sun Pharma.