Taro, Sun slam brakes on acquisition deal

Taro shareholders would have received $39.50 at deal's closing

 HAWTHORNE, N.Y. - Israeli drug maker Taro Pharmaceutical Industries and Indian drug maker Sun Pharmaceutical Industries have terminated their merger agreement, the companies said in a joint statement Friday.

Little explanation for the decision to halt the deal was given, except that terminating the agreement was "in the best interest of the respective companies and shareholders." Taro shareholders would have received $39.50 per share upon the closing of the deal.

Sun had sought to acquire Taro starting in 2007, and Taro had agreed to the acquisition as recently as August 2012, when Sun said it would take Taro, currently traded on the New York Stock Exchange, private. 

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