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India's Sun Pharma to buy remaining stake in Israeli unit Taro for about $348 million

(Reuters) - India's Sun Pharmaceutical Industries Limited said on Wednesday it would buy all the shares of Taro Pharmaceutical Industries it does not already own for $43 per share in cash, effectively taking full control of its unit.

Sun Pharma's offer amounts to about $347.8 million, as per Reuters calculations, with the per share value at a 4.2% premium to Taro's close on Wednesday.

The Indian drugmaker, which currently owns about 78.5% stake in Taro, had offered to buy its remaining stake for $38 per share in May.

The deal comes as a culmination to nearly 17 years of back and forth to gain full control of the U.S.-listed generic drugmaker which does most of its business in the United States and Canada.

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Upon completion of the merger, which is expected to close in the first half of the year, Taro would become a privately held company and will be delisted from the New York Stock Exchange, the companies said.

The U.S. government had in November dismissed charges against a former Taro executive who was accused of conspiring to fix generic drug prices between 2013 and 2015.

Taro in July 2020 agreed to pay more than $200 million to resolve criminal price-fixing allegations amid a broad crackdown by the Justice Department on alleged pricing abuses in the generic drug market.

(Reporting by Mariam Sunny in Bengaluru; Editing by Shailesh Kuber)