« Return to News | Drug Sponsors

Caraco Pharma to merge with majority owner Sun

Tuesday, March 1, 2011 08:00 AM

Detroit-based Caraco Pharmaceutical Laboratories has agreed to merge with majority owner Sun Pharmaceutical Industries and Sun Pharma Global, according to Crain’s Detroit Business.

Sun, which owns 75.8% of Caraco's common stock, has agreed to pay all Caraco shareholders a cash payment of $5.25 per share when the deal closes. If shareholders approve, Caraco and Sun will form a private "indirect wholly-owned subsidiary of Sun Pharma incorporated in Michigan." As a privately held company, Caraco's stock would no longer be traded on the NYSE Amex. Last June, the FDA shut down Caraco’s Detroit operations for a variety of manufacturing violations. It has been working the past year to improve quality in the plant. Caraco develops, manufactures, markets and distributes generic pharmaceuticals.

Share:          
CLINICAL TRIAL RESOURCES

Search:

NEWS ONLINE ARCHIVE

Browse by:

CWWeekly

December 17

Medici Global says its Alzheimer's Facebook page demonstrates the need for more early detection trials

Analysts: Expect more equity purchases of CROs in 2013

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

January 2013

Parexel celebrates 30 years of change, growth
CRO's founder and chairman reflects on challenges of the past, present and future

Strategies for increasing patient diversity in trials
Sponsors look to improve racial, ethnic recruitment without going overseas

Already a subscriber?
Log in to your digital subscription.

Purchase the January issue.

Subscribe to The CenterWatch Monthly.

December 2012

Publicity, regulation tightening reins on use of KOLs
Debate rages over need to revamp how sponsors use, pay medical experts

Time may be right to makeover the investigator brochure
Size, complexity prevent critical document from being thoroughly read

Already a subscriber?
Log in to your digital subscription.

Purchase the December issue.

Subscribe to The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs

More Jobs

 

Copyright © 1995-2013 CenterWatch.