Caraco Pharmaceutical Laboratories announced on 22 February 2011 that it had entered into a merger agreement with generics manufacturer Sun Pharmaceutical Industries and its wholly-owned subsidiary Sun Pharma Global.
Caraco and Sun to merge
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Posted 01/04/2011
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US-based Caraco develops markets and distributes generic pharmaceuticals to the USA’s largest wholesalers, distributors, drugstore chains and managed care providers.
India’s Sun Pharma and Sun Global collectively own 75.8% of Caraco common stock.
The merger agreement provides that all shareholders of Caraco other than Sun Pharma and Sun Global will receive a cash payment of US$5.25 per share upon the closing of the transaction, rather than the US$4.75 initially proposed by Sun in December 2010.
The news comes despite Caraco being warned by the FDA back in September 2010 for violating manufacturing practices at its Cranbury facility in New Jersey, causing the FDA to withhold approval of pending new drug applications.
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