Willkie to serve as U.S. legal counsel to the Special Committee of Taro Pharmaceutical Industries Ltd.’s Board of Directors formed to evaluate the purchase offer from Sun Pharmaceutical Industries Ltd.
On December 5, Israel-based Taro Pharmaceutical Industries Ltd. announced that the Special Committee of its Board of Directors formed to evaluate the offer from Sun Pharmaceutical Industries Ltd. has engaged Willkie to serve as U.S. legal counsel. Citigroup Global Markets Inc. will serve as the committee’s independent financial advisor. On October 18, 2011, Sun Pharma made a cash offer of $24.50 per share for all of the issued and outstanding shares of Taro not currently held by Sun Pharma. Taro and India-based Sun Pharma entered a merger agreement in May 2007.
Taro is a multinational, science-based pharmaceutical company, focused on discovering, developing, manufacturing and marketing healthcare products. The matter is being handled by partners Steven Seidman and Laura Delanoy.