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Taro shareholders' meeting postponed

US-headquartered Taro Pharmaceutical Industries has postponed its proposed shareholder meeting on 25 September, which was to discuss the proposed merger with India's Sun Pharmaceutical Industries.

US headquartered Taro Pharmaceutical Industries has postponed its proposed shareholder meeting on 25 September, which was to discuss the proposed merger with India's Sun Pharmaceutical Industries to a time following the availability of FY06 financial results, as well as those for Q1 and Q1 FY07.

Taro said in a news alert on its website that a number of shareholders had requested updated financial information in conjunction with their consideration of the proposed merger with Sun. Taro has decided to defer the shareholders meeting pending the availability of these financial statements or a detailed update on current financial results.

Taro said it hoped to set a new record date for the upcoming meeting and will mail supplemental proxy materials to its shareholders.

India's largest pharmaceutical company, Sun Pharmaceutical Industries (Sun), had agreed to buy Israel-based generics firm, Taro Pharmaceutical Industries, for USD 230m in cash and an extra USD 224m (total USD 454m) to refinance Taro's debt, according to a company statement release on 21 May 2007.

Taro reported on 20 March 2007 that it would report a substantial loss in FY06, which would put it in breach of conditions on bank loans.

The Taro acquisition will help Sun to expand its marketing network in the US, without having to establish a separate entity in the region. Sun anticipates an increase in the demand for generic drugs as healthcare costs increase and blockbuster drugs lose patent protection.

The acquisition, if all goes to plan, will provide Sun with an extra 170 scientists and drugs for childhood illnesses and skin diseases.

2nd September 2008

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