New Delhi: Shareholders Of Taro The company has been approved Fusion agreement with sun pharmaThe Mumbai-based pharmaceutical company said on Thursday. The merger agreement between Israel-based Taro and Sun Pharma was approved by the affirmative vote of Taro shareholders at an extraordinary general meeting and an ordinary class meeting to be held on May 22, 2024, the pharmaceutical company said in a statement.

Sun Pharma managing director said, “We are pleased to receive the approval of Taro’s shareholders, which will enable Taro to merge with Sun, subject to the remaining closing conditions.” Dilip Sanghvi Said.

He said the combined entity will enable the company to better serve the needs of patients, healthcare professionals and customers around the world.

Upon completion of the merger, which is expected to be completed in about 35 days, Taro will become a privately held company, wholly owned by Sun Pharma and its shares will be delisted from the NYSE immediately thereafter.

“During our fifteen-year relationship with Sun Pharma, Taro has benefited from their global scale and resources. This merger will enable us to compete effectively across our products and markets,” said Taro’s CEO. Uday Baldota Said.

In January this year, Sun Pharma announced the acquisition of the remaining 21.52 per cent stake in Taro for Rs 2,891.76 crore, making the merger of the two entities possible.

It already held 78.48 per cent stake in Taro.