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Sun Pharma Comments on Taro's Potential Sale of Its Irish Operations
Date:6/5/2008

MUMBAI, India, June 5 /PRNewswire-FirstCall/ -- Sun Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) today sent a letter to the Board of Directors of Taro Pharmaceutical Industries Ltd. (Taro, Pink Sheets: TAROF) regarding Taro's comments about its Irish subsidiary, in the Company's press release dated May 28, 2008, which Sun believes indicate that Taro intends to pursue a sale of these operations.
The full text of Sun Pharma's letter to the Taro Board appears below:

June 5, 2008

Board of Directors

Taro Pharmaceutical Industries Ltd.

14 Hakitor Street

Haifa Bay 26110, Israel

Taro Pharmaceutical Industries Ltd.

Italy House, Euro Park

Yakum 60972, Israel

Dear Sirs and Madams:

We refer to the press release dated May 28, 2008 of Taro Pharmaceutical Industries Ltd. ("Taro") regarding, among other things, Taro's purported termination of the Agreement of Merger, dated as of May 18, 2007 (the "Merger Agreement"), among Taro, and our affiliates, Alkaloida Chemical Company Exclusive Group Ltd. and Aditya Acquisition Company Ltd.

In the press release Taro makes a point of mentioning the monthly costs of operations in Ireland and that while the company reached an agreement in principle after the date of the Merger Agreement to sell Taro Pharmaceuticals Ireland Limited ("Taro Ireland"), an Irish subsidiary of Taro that owns and operates the multi-purpose pharmaceutical manufacturing and research facility in Roscrea, Ireland, to a group of Irish investors, "Sun repeatedly refused to consent under the Merger Agreement to the sale of those operations." At the end of the press release, Taro goes on to add that "[a]bsent the constraints of the Merger Agreement the Company plans to pursue all options available in order to enhance shareholder value, including ... a sale of assets."

The clear intimation is that Taro intends to pursue the sale o
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SOURCE Sun Pharmaceutical Industries Ltd.
Copyright©2008 PR Newswire.
All rights reserved

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