New Delhi, May 23 (PTI) Shareholders of Taro have approved the company's merger agreement with Sun Pharma, the Mumbai-based drug major said on Thursday.

The merger agreement between Israel-based Taro and Sun Pharma was approved by the affirmative vote of Taro shareholders at an extraordinary general meeting and an ordinary class meeting on May 22, 2024, the drug major said in a statement.

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"We are pleased with the approval by Taro's shareholders, which, subject to the remaining closing conditions, will enable Taro to merge with Sun," Sun Pharma Managing Director Dilip Shanghvi said.

The combined entity will enable the company to better serve the needs of patients, healthcare professionals and customers around the world, he added.

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Upon completion of the merger, currently expected to close in around 35 days, Taro will become a privately held company, wholly-owned by Sun Pharma and soon after its shares will be de-listed from the NYSE.

"Throughout our fifteen-year relationship with Sun Pharma, Taro has benefited from their global scale and resources. This merger will further enable us to compete effectively in our products and markets," Taro CEO Uday Baldota said.

In January this year, Sun Pharma announced to acquire the remaining 21.52 per cent stake in Taro for Rs 2,891.76 crore, enabling the merger of the two entities.

It already owned a 78.48 per cent stake in Taro.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)