Pharma major Sun Pharmaceutical Industries Limited (NSEI:SUNPHARMA) has revised its offer to acquire all the outstanding shares of US-based Taro Pharmaceutical Industries Ltd. (NYSE:TARO) to a purchase price of $43 per share in cash, up from an earlier proposed price of $38 per share. Sun Pharmaceuticals informed about the updated offer in its filing to the exchanges ahead of the market opening hours on December 12, 2023. On May 26, 2023, Sun Pharmaceutical proposed via a letter to Taro's Board of Directors a non-binding indication of interest to acquire all of the outstanding ordinary shares in Taro, other than any shares already held by the company or its affiliates, for a purchase price of $38 per share, in cash.

The decision comes after multiple rounds of price negotiations with a special committee of the Board of Directors of Taro. On December 10, 2023, the Special Committee confirmed that it agreed in principle with the revised proposal and that it has agreed to negotiate definitive agreements, the exchange filing said. Negotiations regarding definitive terms and agreements for the revised proposal are ongoing, and no assurances can be given that a definitive agreement will be reached or the revised proposal will be consummated, the filing said further.

On December 11, 2023, Sun Pharma shares ended with minor declines at INR 1,235.30 on the NSE, down by 0.04%. The counter is trading at a discount from its 52-week high of INR 1,258 which it hit on December 6, 2023. Meanwhile, its 52-week low stands at INR 922, which it hit on May 18, 2023.