Taro Pharmaceuticals

Source: Wikipedia, the free encyclopedia.
Taro Pharmaceutical Industries Ltd.
Founded1950 in Haifa, Israel
Headquarters,
Israel
Key people
Uday Vijaykumar Baldota, CEO
RevenueUS$ 862.94 million (2015)
US$ 527.63 million (2015)
US$ 484.26 million (2015)
Total assetsUS$ 1,737.74 million (2015)
Total equityUS$ 1,411.72 million (2015)
Number of employees
1,339 (2015)
Websitewww.taro.com

Taro Pharmaceutical Industries is an Israeli research-based pharmaceutical manufacturer publicly listed in the New York Stock Exchange. 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] Taro Pharmaceutical Industries is reported to be on steady growth since 2008.

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,

Percocet.[4]

In 1960, Taro begins production of

Taro had an

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,

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]

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.[9]

In February 2011, Taro Pharmaceuticals resolved the warning letters after a re-inspection from FDA which showed an acceptable regulatory status.[10]

On January 10, 2020, The US Food and Drug Administration (FDA) announced a voluntary recall of 100  mg

Enalapril Maleate at a Taro Pharmaceuticals manufacturing facility.[11][12]

References

  1. ^ "Taro Pharmaceutical Industries Ltd.: NYSE:TARO quotes & news - Google Finance". 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. ^ a b c d 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. ^ "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)
  10. ^ "Taro Resolves FDA Warning Letter | Business Wire". businesswire.com. 25 April 2011. Retrieved 2014-02-28.
  11. ^ 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.
  12. ^ "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.

External links