Company Watch

Sun Pharma buys Taro Pharma shares from Brandes

Our News Bureau - Mumbai

In a major development towards the future acquisition of Taro Pharmaceutical, Sun Pharma went a step closer when it announced a purchase of 3,712,557 shares, equivalent to an additional 9.4 percent stake in Taro. These shares were bought by Sun Pharma's indirect subsidiary, Alkaloida chemical company exclusive group, from Brandes Investment Partners. This purchase increases Sun Pharma and its subsidiaries stake in Taro Pharma to 34.4 percent. In May 2007, Sun Pharma, together with its subsidiaries, had signed definitive agreements to acquire Taro Pharma.

Prior to the purchase of the Taro shares Sun also announced the tentative approval for the company's Abbreviated New Drug Application (ANDA) for generic depakote, divalproex sodium delayed release tablets from US FDA. Divalproex sodium delayed release tablets are indicated as monotherapy and adjunctive therapy in the treatment of patients with complex partial seizures.

Also, as sole and adjunct therapy for patients with simple and complex absence seizures, for the treatment of the manic episodes associated with bipolar disorders, as well as for prophylaxis of migraine headaches.

These generic versions of divalproex sodium delayed release 125 mg, 250 mg and 500 mg (valproic acid activity) tablets are bio-equivalent to depakote delayed release tablets distributed by Abbott Laboratories. These strengths of depakote delayed release tablets have annual sales of approximately $755 million in the US.