Navigation Links
Caraco Receives Sun Pharma Proposal to Purchase All Outstanding Shares
Date:12/6/2010

DETROIT, Dec. 6, 2010 /PRNewswire-FirstCall/ -- Caraco Pharmaceutical Laboratories, Ltd. (NYSE Amex: CPD) reports receipt of a proposal from Sun Pharmaceutical Industries Ltd. ("Sun") and Sun Pharma Global, Inc ("Sun Global") for a going private transaction by which Sun, Sun Global, and/or one or more of their affiliates would acquire all of the outstanding shares of Caraco common stock not held by Sun or Sun Global for a per share consideration of $4.75 in cash. This represents a 5% premium over the closing price of Caraco Common Stock on Dec 2, 2010.

The Board of Directors will meet on Tuesday Dec 7, 2010 to discuss this proposal and decide the next steps to be taken.

Detroit-based Caraco Pharmaceutical Laboratories, Ltd., develops, manufactures, markets and distributes generic pharmaceuticals to the nation's largest wholesalers, distributors, drugstore chains and managed care providers.

Safe Harbor: This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Without limitation, the words "believe" or "expect" and similar expressions are intended to identify forward-looking statements. Such statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are contained in the Corporation's filings with the Securities and Exchange Commission, including Part I, Item 1A of our most recent Form 10-K, and include but are not limited to: (i) that the information is of a preliminary nature and may be subject to further adjustment; (ii) not obtaining FDA approval for new products or delays in receiving FDA approvals; (iii) governmental restrictions on the sale of certain products; (iv) dependence on key personnel; (v) development by competitors of new or superior products or cheaper products or new technology for the production of products or the entry into the market of new competitors; (vi) market and customer acceptance and demand for new pharmaceutical products; (vii) availability of raw materials in a timely manner, at competitive prices, and in required quantities; (viii) timing and success of product development and launch; (ix) integrity and reliability of the Company's data; (x) lack of success in attaining full compliance with regard to regulatory and cGMP compliance; (xi) dependence on limited customer base; (xii) occasional credits to certain customers reflecting price reductions on products previously sold to them and still available as shelf-stock; (xiii) possibility of an incorrect estimate of charge-backs and the impact of such an incorrect estimate on net sales, gross profit and net income; (xiv) dependence on few products generating majority of sales; (xv) product liability claims for which the Company may be inadequately insured; (xvi) subjectivity in judgment of management in applying certain significant accounting policies derived based on historical experience, terms of contracts, our observations of trends of industry, information received from our customers and other sources, to estimate revenues, accounts receivable allowances including chargebacks, rebates, income taxes, values of assets and inventories; (xvii) litigation involving claims of patent infringement; (xviii)  material litigation from product recalls; (xix) the purported class action lawsuits alleging federal securities laws violations; (xx) delays in returning the Company's products to market, including loss of market share; (xxi) excessive dependency for revenues on the Marketing Agreement and Distribution and Sale Agreement, both signed with Sun Pharma; (xxii) excessive dependency on Sun Pharma and other third parties for manufacture of Caraco owned products; and (xxiii) other risks identified in this report and identified from time to time in our  periodic reports and registration statements filed with the Securities and Exchange Commission. These forward-looking statements represent our judgment as of the date of this report. We disclaim, however, any intent or obligation to update our forward-looking statements.


'/>"/>
SOURCE Caraco Pharmaceutical Laboratories, Ltd.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Caraco Pharmaceutical Laboratories, Ltd. Reports Results for the Second Quarter and First Six Months of Fiscal Year 2011
2. Caraco Pharmaceutical Laboratories, Ltd. Announces Change to Executive Team as G. P. Singh to Assume Position of CEO Effective November 1, 2010 and Update on Remediation Status
3. Caraco Pharmaceutical Laboratories, Ltd. Announces Appointment of Eddie Munson to Board of Directors
4. Caraco Pharmaceutical Laboratories, Ltd. Announces G.P. Singh Sachdeva Is Appointed as Chief Operating Officer
5. Caraco Pharmaceutical Laboratories, Ltd. Markets Generic Flomax®
6. Caraco Pharmaceutical Laboratories, Ltd. Markets Generic Wellbutrin SR® Extended Release Tablets
7. Caraco Pharmaceutical Laboratories, Ltd. Receives Notice Regarding NYSE Amex Continued Listing Standards
8. Caraco Pharmaceutical Laboratories, Ltd. Markets Generic Optivar®
9. Caraco Pharmaceutical Laboratories, Ltd. Markets Generic Exelon® Capsules
10. Caraco Pharmaceutical Laboratories, Ltd. Markets Generic Eloxatin(R)
11. Caraco Pharmaceutical Laboratories, Ltd. Markets Nicardipine Hydrochloride Injection
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/21/2017)... Lexmark International, ... solution that connects Lexmark multifunction printers (MFPs) to EDCO ... leading scanning and indexing software solutions for medical records. ... use a Lexmark MFP at the point of care ... facilities reach HIMSS Stage 7 through state-of-the-art ...
(Date:2/21/2017)... IDAHO FALLS, Idaho , Feb. 21, 2017 /PRNewswire/ ... is has completed a private placement with certain investors ... preferred stock of the Company, Series C Convertible Redeemable ... Stock accrues dividends at an annual rate of 6% ... share.  The Company plans to use the proceeds for ...
(Date:2/21/2017)... SAN JOSE, Calif. , Feb. 21, 2017 ... announced that its Cadence ® Tensilica ® Fusion ... HaLow ™ MAC IP offering. The licensable IP targets ... smart city and industrial applications. M2B leveraged the Fusion F1 ... to run value-added applications like voice trigger, audio identification and ...
Breaking Medicine Technology:
(Date:2/20/2017)... ... 20, 2017 , ... Researchers at the University of Pittsburgh School of Medicine ... that may predict response to a particular class of drugs, not just in patients ... The new findings were published in Proceedings of the National Academy of Science. , ...
(Date:2/20/2017)... , ... February 20, 2017 , ... ... regulated industries, announced Biscom Document Router (BDR), the first IoT device from Biscom ... diagnostics and imaging. Biscom will debut BDR at HIMSS17 and will ...
(Date:2/20/2017)... , ... February 20, 2017 , ... ReportingMD, a Population Health Software Company, is pleased ... the company. The new location will triple the size of the previous location while ... town of Sunapee, NH. , “We are excited to expand our footprint to ...
(Date:2/20/2017)... ... ... Chuck E. Cheese’s® and Center for Autism and Related Disorders (CARD) recently announced ... throughout New England, New York and New Jersey to provide children with autism spectrum ... Chuck E. Cheese’s in a sensory-friendly environment. , After a successful pilot run ...
(Date:2/19/2017)... , ... February 19, 2017 , ... The Citadel’s new ... nursing students, is being led by Amelia Joseph, Ph.D. Joseph was engaged by the ... of the nursing department in early 2016. After a nation-wide search, she was selected ...
Breaking Medicine News(10 mins):