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Sun Pharmaceutical Sends Second Letter to Taro Pharmaceutical Regarding Taro's Irish Subsidiary

MUMBAI, India, June 24 /PRNewswire-FirstCall/ -- Sun Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) yesterday sent a letter to Dr. Barrie Levitt, Chairman of the Board of Directors of Taro Pharmaceutical Industries Ltd. (Taro, Pink Sheets: TAROF) in response to Dr. Levitt's letter of June 19, 2008 to Taro's shareholders, his letter of June 15, 2008 to Sun Pharma and the Initiating Motion filed by Taro in the Tel-Aviv District Court on the same day.

Sun Pharma's letter further clarifies its substantive concerns regarding Taro's proposed sale of its Irish facility and seeks full disclosure on behalf of all shareholders of the facts relating to the proposed sale of Taro Ireland.
The full text of Sun Pharma's letter to Taro appears below:

June 23rd, 2008

Dr. Barrie Levitt

Chairman of the Board of Directors

Taro Pharmaceutical Industries Ltd.

14 Hakitor Street

Haifa Bay 26110, Israel

Fax No.: 972-4-872-7165

Taro Pharmaceutical Industries Ltd.

Italy House, Euro Park

Yakum 60972, Israel

Fax No.: 972-9-955-7443.

Re: Taro Pharmaceuticals Ireland Limited

Dear Barrie:

I refer to your letter of June 19, 2008 to Taro's shareholders, your letter of June 15, 2008 to me and the Initiating Motion filed by Taro in the Tel-Aviv District Court on the same day.

It is telling that, in each of these documents, Taro has been unable to address our substantive objections to the proposed sale of Taro's Irish subsidiary ("Taro Ireland"). Instead, you have tried to deflect attention from the logic of our reasoning by accusing us of breaching our duty of good faith to Taro and its other shareholders. We find this laughable. We made public our grave concerns about the proposed sale, not because we were trying to improperly interfere with Taro's business, as your lawsuit claims, but because, as a shareholder and potential own

SOURCE Sun Pharmaceutical Industries Ltd.
Copyright©2008 PR Newswire.
All rights reserved

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