2024-01-18 20:42:00
The pharmaceutical company Thero, is moving to full Indian ownership and will be delisted from trading in New York. Thero has been traded on Wall Street for over four decades and was owned by the Indian company Sun which is now purchasing the remaining traded shares of the company for more than 1.6 billion dollars.
Sun has until today held 78.5% of Thero’s shares, when last month the company offered to purchase the remaining shares for $43 per share, a proposal that was unanimously accepted by the company’s board of directors.
The controlling owner of Thero, Sun, is traded on the Indian stock exchange and its market value is about 38 billion dollars. The company became the controlling owner of Taro after a long control struggle that ended only with a ruling by the Israeli Supreme Court. Even earlier, in 2007, when Thero ran into a serious liquidity problem, it signed an agreement to sell the entire company to Sun, for only 230 million dollars (based on a price of 7.75 dollars per share). A year after the signing of the merger agreement, and against the background of an improvement in Taro’s results and an increase in its share price on the stock exchange, Taro canceled the agreement.
Dilip Shangvi, CEO of Sun, said that after the merger, the companies will leverage their global strengths and capabilities to better serve the needs of patients and medical professionals. Udai Baldota, CEO of Thero, said that Thero is committed to providing quality products and the merger will allow it to compete in a competitive manner. More effective in the markets.
Thero company is a former Israeli company that was established in the fifties of the last century, and was issued on the Nasdaq stock exchange in 1982 (one of the first Israeli companies on the Nasdaq). The company manufactures prescription drugs and drugs for sale over the counter in a wide variety of fields: skin, blood vessels, nervous system and more. Most of the company’s sales are concentrated in the generic sector, similar to Teva. It also produces raw materials for the pharmaceutical industry. Its main activity is in the United States, but it is also active in Canada, Israel and other markets.
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