Kal Sundaram, Taro‘s CEO said, “The revenue decline is principally due to a net charge taken to meet contractual obligations associated with price adjustments made in the current quarter, the benefit of which should be realized in future periods. Excluding the one-time charge, Q1 sales would have increased over 10 percent versus the prior year."
Taro Pharmaceuticals, the Israel- based subsidiary of Sun Pharmaceuticals, has recalled nearly 40,000 tubes of Fluorouracil topical cream, used to treat various skin conditions, from the American market.
Drug firm Sun Pharma today said it has proposed to fully acquire Taro Pharmaceuticals with an offer to purchase all the outstanding shares of the Israeli firm that would entail an outgo of USD 367.5 million (over Rs 1,810 crore).
Taro Pharmaceuticals has sued Hyderabad-based Suven Life Sciences to prevent it from launching a generic version of Ovide malathion lotion, which is used to kill head lice.