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

's management concluded that such a sale would be in the best interests of Taro and all its shareholders.

4. Entrenchment by the Levitt Family. As we see it, you are proposing to sell Taro Ireland, after investing $50 million in it, and at the very point when it is on the cusp of generating potentially substantial revenue, to a party closely related to senior management, and for a price less than the value of the land on which the facilities stand (part of which price comprises risky contingent future payments). It is no surprise then, that Taro is unable to demonstrate having undertaken a robust sale process. The only rational reason we can imagine for a sale so economically and strategically unfavorable to Taro and its shareholders is that it forms part of your concerted effort to discourage Sun from exercising its right to acquire Taro. This is yet another example of your flagrant breach of fiduciary duty and continued entrenchment by the Levitt family.

I would remind you and the Taro Board that the improper termination of the Merger Agreement does not give Taro the right to sell Taro Ireland without our consent. Any action of this nature will force Sun to hold each of Taro's Directors personally accountable. Any potential buyer would also be entering into such a transaction at its own risk, and Sun reserves all its rights against Taro, its Directors, and any potential buyer.

Very truly yours,

Dilip Shanghvi

Chairman and Managing Director


Tal Levitt

Jacob Levitt, M.D.

Daniel Moros, M.D.

Gad Keren

Micha Friedman

Heather Douglas

Eric Johnston

Myron Strober

Haim Fainaro

Ben Ziod Hod

About Sun Pharmaceutical Industries Ltd.

Established in 1983, listed since 1994 and headquartere

SOURCE Sun Pharmaceutical Industries Ltd.
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