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Israeli drug-maker Taro Pharmaceutical Industries said that its board of directors has approved a $250-million share repurchase of its ordinary shares.
Taro was acquired by Sun Pharma in 2010 after a long-drawn cross-country battle. Currently, Sun holds 69 per cent in Taro.
In a statement on Wednesday on the latest development, Taro said: “Repurchases may be made from time to time at the company’s discretion based on ongoing assessments of the capital needs of the business, the market price of its stock, and general market conditions.”
No time period had been set for the repurchase programme, and it could be suspended or discontinued at any time, it added.
The repurchase authorisation enables the company to purchase its ordinary shares from time to time through open-market purchases, negotiated transactions or other means, Taro said.
An industry-watcher explained that the move could strengthen Sun’s hold in Taro. Sun founder Dilip Shanghvi is Chairman of Taro and Kal Sundaram is Chief Executive and Sudhir Valia is on its board of directors.
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