Taro Pharmaceuticals

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Taro Pharmaceutical Industries Ltd.
NYSE: TARO
Industry Pharmaceuticals
Founded1950 in Haifa, Israel
Headquarters
Haifa
,
Israel
Key people
Uday Vijaykumar Baldota, CEO
RevenueUS$ 862.94 million (2015)
US$ 527.63 million (2015)
US$ 484.26 million (2015)
Total assets US$ 1,737.74 million (2015)
Total equity US$ 1,411.72 million (2015)
Owner Sun Pharma
Number of employees
1,339 (2015)
Website www.taro.com

Taro Pharmaceutical Industries is an Israeli research-based pharmaceutical manufacturer that was publicly listed in the New York Stock Exchange before it was acquired by Sun Pharma. The company has more than 180 of its own drugs sold all over the world, reaching the markets of over 25 countries. [1] The company's products are mainly sold in the United States, Canada and Israel. [2]

Contents

Operations

The company's operations are managed in three sub-companies, including Taro Pharmaceutical Industries Ltd., Taro Pharmaceuticals Inc. and Taro U.S.A. The latter two are its subsidiaries. [3]

History

Taro (the name of the company was derived from the Hebrew words for "pharmaceutical industry") was founded in 1950 by a team of pharmacists and physicians in Haifa, Israel. In 1952 it was acquired by United States-based investors and began production and marketing Rokal and Rokacet pain relievers. [4]

In 1957, Taro acquired licenses to produce third-party products for the Israeli market and launched production of its first three licensed products, Coumadin (also known under its generic name Warfarin), Percodan, and Percocet. [4]

In 1960, Taro begins production of active pharmaceutical ingredients (APIs). [4]

Taro had an initial public offering in 1961, listing its stock on the over-the-counter market in the United States. At the beginning of the 1980s Taro became interested in moving into the North American market, following the impending opening of the U.S. generics market through the Hatch-Waxman Act, that was passed in 1984 and provided a framework for the production and marketing of off-patent drugs in the United States. In preparation for this opening, Taro shifted its listing to the NASDAQ stock index in 1982. [4]

In 1984, Taro acquired Canada-based K-Line Pharmaceuticals. K-Line specialized in generic topical medications for dermatological applications. This niche market then became Taro's primary focus in the North American market.

In 2006, Taro was delisted from NASDAQ, after it had to restate financial results downwards for the years 2004, 2005 and 2006 [5]

Acquisition by Sun Pharmaceuticals

In 2010, Sun Pharmaceuticals of India acquired a majority stake in the company. [6] On 22 March 2012, the company's shares were re-listed on the NYSE

In 2013, Sun Pharmaceuticals attempted to buy the remaining shares in the company (it owns 69% stake), but as the company's financial performance improved, shareholders rejected the offer and the company remained publicly listed. [7]

On 17 January 2024, Taro Pharmaceutical Industries Ltd. announced a merger agreement with Sun Pharmaceutical, wherein Sun Pharma will acquire all outstanding Taro shares not already held by Sun Pharma or its affiliates for $43.00 per share. [8] The acquisition was completed in June 2024. [9]

FDA warnings

In February 2009, the US Food and Drug Administration (FDA) released a warning letter to Taro Pharmaceuticals pointing out some issues relating to the company's manufacturing facility in Brampton, Ontario, Canada. The manufacture of non-sterile cream and ointment finished products were inspected to be adulterated and did not conform to good manufacturing practices. [10]

In February 2011, Taro Pharmaceuticals resolved the warning letters after a re-inspection from FDA which showed an acceptable regulatory status. [11]

On January 10, 2020, The US Food and Drug Administration (FDA) announced a voluntary recall of 100  mg Lamotrigine (Generic for Lamictal) tablets manufactured by Taro Pharmaceuticals USA due to cross-contamination with Enalapril Maleate at a Taro Pharmaceuticals manufacturing facility. [12] [13]

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References

  1. ↑ "Taro Pharmaceutical Industries Ltd.: NYSE:TARO quotes & news - Google Finance". Archived from the original on May 14, 2014. Retrieved 2014-02-28.
  2. ↑ "A.O. Smith Set to Join S&P MidCap 400; FutureFuel to Join S&P SmallCap 600; Michael Kors Addition to the S&P 500 Postponed to a Date to be Announced - Yahoo Finance". finance.yahoo.com. Retrieved 2014-02-28.
  3. ↑ "Taro Pharmaceuticals U.S.A., Inc. Company Information | Drugs.com". drugs.com. Retrieved 2014-02-28.
  4. 1 2 3 4 Pharmaceutical Is a Leader in Generics, Penny Singer , New York Times January 21, 1996
  5. ↑ "Taro delisted from Nasdaq". Globes . 13 December 2006. Retrieved 1 January 2012.
  6. ↑ "India's Sun says completes Taro acquisition". Reuters . 21 September 2010. Retrieved 1 January 2012.
  7. ↑ "Sun Pharma and Taro Announce Termination of Proposed Transaction". 8 February 2013.
  8. ↑ Pharma, Sun. "Taro Announces Merger Agreement with Sun Pharma". www.prnewswire.com. Retrieved 2024-01-18.
  9. ↑ "Sun Pharma Merges Taro Pharma with Subsidiary". Contract Pharma. June 24, 2024.
  10. ↑ "Archived copy" (PDF). Food and Drug Administration . Archived from the original (PDF) on 2017-02-22. Retrieved 2019-12-16.{{cite web}}: CS1 maint: archived copy as title (link)
  11. ↑ "Taro Resolves FDA Warning Letter | Business Wire". businesswire.com. 25 April 2011. Retrieved 2014-02-28.
  12. ↑ Research, Center for Drug Evaluation and (2020-01-10). "Taro Pharmaceuticals U.S.A., Inc. Issues Voluntary Nationwide Recall of Lamotrigine Tablets USP, 100 mg, 100 Count Bottles". U.S. Food and Drug Administration. Retrieved 2020-01-11.
  13. ↑ "Taro Pharmaceuticals U.S.A., Inc. Issues Voluntary Nationwide Recall of Lamotrigine Tablets USP, 100 mg, 100 Count Bottles". www.businesswire.com. 2020-01-10. Retrieved 2020-01-11.
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