Sun Pharmaceutical Industries, an India-based specialty pharmaceutical company, and Taro Pharmaceutical Industries, a multinational, science-based pharmaceutical company, have  mutually  agreed  to  terminate  their  merger  agreement,  announced  in  August  2012,  pursuant  to which all shareholders of Taro (other than Sun Pharma and its affiliates) would have received a cash payment of $39.50 per share upon the closing of the merger.

Each of Sun Pharma and Taro, at the direction of the Special Committee, agreed that terminating the merger agreement was in the best interest of the respective companies and shareholders.