Navigation Links
Sun Pharmaceutical Sends Second Letter to Taro Pharmaceutical Regarding Taro's Irish Subsidiary
Date:6/24/2008

er of Taro -- whose efforts to consummate the transaction we signed in 2007 you have blocked at every turn -- we have no alternative means of alerting other shareholders to the unseemly circumstances of the proposed sale.

We have no intention of interfering with Taro's business. Indeed, this would be contrary to our own interests. We do, however, seek full disclosure of the facts relating to the proposed sale of Taro Ireland, as well as management's justifications for what would appear to a rational onlooker to be a disposition of a valuable asset at an inopportune time, and on terms highly unfavorable to Taro.

We once again present our key concerns:

1. Mishandling of Asset. Our primary objection lies in what we believe to be the Taro Board's mishandling of Taro Ireland. Your simplistic statements that (i) Taro Ireland has been costing $800,000 per month to maintain, and (ii) its sale will enhance Taro's cash flows, are yet another example of an ill-considered approach by the same management that led Taro to the brink of insolvency in 2006-7, requiring Sun to invest nearly $60 million to rescue the company. Selling the asset now may increase Taro's short-term cash flow and improve the company's performance this year. However, such sale would mean failing to realize a potentially substantial return on the investment of almost $50 million which Taro has made in Taro Ireland over the years.

Taro's Election Not to Sell Taro Ireland; Engineering of Accounts. Pursuant to our Merger Agreement of May 18, 2007, Taro agreed, as is customary in such transactions, to conduct its business in the ordinary course until the closing of the transaction. A sale of Taro Ireland, which is a significant asset, cannot by any stretch of the imagination be considered an action in the ordinary course, and as such, Taro was required to obtain Sun's consent to the proposed sale in 2007. While you make much of the fact that the Merger Agreement required Taro to obtai
'/>"/>

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

Page: 1 2 3 4 5 6 7

Related biology technology :

1. Keryx Biopharmaceuticals to Present at the Jefferies & Co. Healthcare Conference
2. Portola Pharmaceuticals Names William Lis Vice President of Business Development and Commercial Operations
3. Stason Pharmaceuticals, Inc. Appoints Diana Wood as Vice President, Business Development
4. In Pain Market, Huge Unmet Needs, Tough Regulatory Environment Challenge Pharmaceutical Companies, According to MedPredict
5. Brian Levy, OD, MSc, Named Chief Operating Officer of Danube Pharmaceuticals
6. Raptor Pharmaceuticals Corp. Announces Presentation at 5th International Cystinosis Conference 2008
7. Onyx Pharmaceuticals to Present at Jefferies 2nd Annual Healthcare Conference
8. Sunesis Pharmaceuticals to Present at the Jefferies 2nd Annual Healthcare Conference
9. Immtech Pharmaceuticals and Beijing Capital Medical University Announce Joint Venture to Provide Contract Research Services in China
10. Synovics Pharmaceuticals Announces Continued Growth of Customer Relationships
11. GANIC Pharmaceuticals Launched with Premier Pharmaceutical Industry Executives
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/19/2014)... , Sept. 19, 2014 Pfenex Inc. (NYSE ... development of high-value and difficult to manufacture proteins including ... at the 21 st Annual NewsMakers in the ... . Bertrand Liang , chief executive officer of ... programs and business strategy on Friday, September 26, 2014 ...
(Date:9/19/2014)... Barnhardt Manufacturing Company has earned the ... Cotton . The USDA Certified Biobased Product Label verifies ... or exceeds levels set by USDA. Biobased products are ... significant part of agricultural, forestry, or marine ingredients. ... be immediately identified as a USDA certified BioPreferred ...
(Date:9/19/2014)... 2014 Dublin ... has announced the addition of the  "Micro Market ... their offering.       (Logo: http://photos.prnewswire.com/prnh/20130307/600769) , ... the fastest-growing segments in the chromatography market. The ... and expected to reach $2.0 billion by 2019, ...
(Date:9/19/2014)... The new , Healthcare and Life ... today on PharmaBoardroom.com for free download , ... the Spanish economy in 2009, and the austerity measures that ... pragmatic in times of trouble. "Despite the crisis, ... European market, and the general conditions to invest are favorable ...
Breaking Biology Technology:Pfenex to Present at Upcoming Industry Conference on September 26 2Barnhardt Manufacturing Company Earns USDA Certified Biobased Product Certification and Label for Organic Cotton 2Micro Market Monitor : Global Pre-packed Chromatography Columns 2PharmaBoardroom Releases New Spain Pharmaceuticals Report 2PharmaBoardroom Releases New Spain Pharmaceuticals Report 3
... April 24 CardioVascular,BioTherapeutics, Inc. (OTC Bulletin Board: CVBTE) ... to form Cardio Derma Clinical Partners,(CDCP), an R&D Partnership. ... minimum of $1,000,000 and up to $5,000,000 of the ... Partnerships have been successfully used in the past by ...
... Amicus Therapeutics,Inc. (Nasdaq: FOLD ), today announced that ... a corporate update at the Morgan,Stanley Global Healthcare Unplugged ... at the Ritz-Carlton in Key Biscayne, Florida., The ... by visiting,Amicus, website at http://www.amicustherapeutics.com . A replay ...
... Two 4-week cohorts will be enrolled to evaluate R7128 1500mg BID in HCV,genotypes 2 ... ... 25, 2008 at 1:00 PM ET (US) ... and 7:00 PM CEST (Milan) --, PRINCETON, N.J. and MILAN, Italy, April 24 ...
Cached Biology Technology:CardioVascular BioTherapeutics, Inc. Funding Wound Healing Trial with R&D Partnership 2CardioVascular BioTherapeutics, Inc. Funding Wound Healing Trial with R&D Partnership 3Pharmasset Adds Two Cohorts to R7128 Hepatitis C Study 2Pharmasset Adds Two Cohorts to R7128 Hepatitis C Study 3Pharmasset Adds Two Cohorts to R7128 Hepatitis C Study 4Pharmasset Adds Two Cohorts to R7128 Hepatitis C Study 5
(Date:9/18/2014)... icy moon of Uranus, is one of the most ... Despite its relatively small size, Miranda appears to have ... the formation of at least three remarkable and unique ... These coronae are visible in Miranda,s southern hemisphere, and ... corona, the largest, has ridges and troughs with up ...
(Date:9/18/2014)... University and the Quebec government have discovered microplastics ... Journal of Fisheries and Aquatic Sciences . , ... or industrial cleansers, to which they are commonly ... and buoyancy, they may readily pass through sewage ... in the world,s oceans, but have only recently ...
(Date:9/18/2014)... to undertake jaunts into the countryside each year could come ... century, according to new research. , Climate change could postpone ... as summer temperatures linger later into the year, Princeton University ... . For instance, the paper birch a popular foliage ... could change color one to three weeks later by the ...
Breaking Biology News(10 mins):Miranda: An icy moon deformed by tidal heating 2Miranda: An icy moon deformed by tidal heating 3Miranda: An icy moon deformed by tidal heating 4Miranda: An icy moon deformed by tidal heating 5Miranda: An icy moon deformed by tidal heating 6Miranda: An icy moon deformed by tidal heating 7Microplastic pollution discovered in St. Lawrence River sediments 2Fall foliage season may be later, but longer on warmer Earth 2Fall foliage season may be later, but longer on warmer Earth 3Fall foliage season may be later, but longer on warmer Earth 4
... Along with pollutants from Asia, transpacific dust plumes deliver ... a manuscript published online ahead of print in the ... "We detected thousands of unique microbial species, many of ... author David J. Smith, a graduate student at the ...
... and climate warming could be creating the right conditions for ... a new Cornell University computer model., The model predicts that ... spread by the invasive Asian tiger mosquito, could occur in ... Atlanta from June through September, and year-round in Miami. The ...
... with Down syndrome (DS) suffer from marked muscle weakness. Even the ... chair or climbing a flight of stairs, can become major obstacles. ... and lead to a loss of independence. Now, a new study ... Led by scientists from Syracuse University, a research team ...
Cached Biology News:Dust-plumes power intercontinental microbial migrations 2Chances seen rising for chikungunya outbreaks in NYC, Atlanta, Miami 2Study offers insights into role of muscle weakness in Down syndrome 2Study offers insights into role of muscle weakness in Down syndrome 3
... Duo is suitable for use with a ... solvents through to water and some of ... concentrator capable of removing water and organic ... including tubes, microplates, vials and round bottom ...
... Precision Model 410 is a four-channel general purpose ... small signals from sources which may have a ... channel consists of a high gain/low noise amplifier, ... and an output offset control. A control knob ...
Proliferin (N-14)...
Porcine Aortic Smooth Muscle Cells (PAOSMC) (>500,000 cells)...
Biology Products: