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Taro Pharma plans shares repurchase worth $250 million

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The repurchase authorisation enables it to purchase it’s ordinary shares from time to time through open market purchases

Sun Pharma’s Israeli arm Taro Pharmaceutical Industries plans to buy back shares worth $250 million (over Rs 1,683 crore). The board of directors of Taro Pharmaceutical Industries recently approved a $250 million share repurchase authorisation of its ordinary shares.

Repurchases may be made from time to time at the company’s discretion, based on ongoing assessments of the capital needs of the business, the market price of its stock, and general market conditions, the company said in a statement.

“No time period has been set for the repurchase programme, and any such programme may be suspended or discontinued at any time,” Taro said.

The repurchase authorisation enables it to purchase it’s ordinary shares from time to time through open market purchases, negotiated transactions or other means in accordance with applicable securities laws or other restrictions, it added.

Taro Pharmaceutical Industries develops, manufactures and markets generic and branded prescription and OTC pharma products.

PTI

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