Taro sues Sun Pharma for thwarting unit sale plans
Israel-based Taro Pharmaceuticals has sued its proposed buyer Sun Pharmaceutical Industries in an Israel court, for allegedly thwarting attempts to sell off Taro's subsidiary with drug-making facilities in Ireland to a group of investors. In a letter to Taro shareholders, the firm's Chairman Barrie Levitt said on June 15 that it had commenced litigation in Israel to stop Sun from engaging in "practices that we deem detrimental to our ability to maximize the value of the Irish operations in a sale". THE LAWSUIT