FOR IMMEDIATE RELEASE
U.S. District Court Rules in Favor of Sun Pharmaceutical, Dismisses All of Taro’s Claims
Taro fails in latest attempt to block Alkaloida's Tender Offer
Mumbai, India: July 15, 2010: Sun Pharmaceutical Industries Ltd. (Sun) (Reuters: SUN.BO,
Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) today announced that the United States
District Court for the Southern District of New York had dismissed in its entirety the complaint filed
by Taro Pharmaceutical Industries Ltd. (Taro) (Pink Sheets: TAROF) seeking to block the Tender
Offer by Sun’s subsidiary, Alkaloida Chemical Company Exclusive Group Ltd. (Alkaloida), to
purchase all outstanding Ordinary Shares of Taro.
The Court rejected Taro’s claims based on allegations that Sun and Alkaloida had failed to make
adequate disclosures concerning the Offer. The Court also rejected Taro’s request for discovery,
remarking that Taro had not explained any purpose that discovery would serve.
The Court also dismissed Taro’s other claims, including breach of contract and misappropriation of
trade secrets, for lack of subject matter jurisdiction. The Court gave Taro two weeks to file an
amended complaint to attempt to fix the defects in its complaint. However, even if Taro revives its
state law claims, they will not entitle Taro to obtain the injunction it was seeking to enjoin
consummation of Alkaloida’s Offer.
“Sun is pleased, but not surprised, by this decision. The U.S. District Court’s complete dismissal of
Taro’s complaint confirms that this most recent lawsuit was just one more unfortunate attempt by
the Taro directors to divert Taro's limited resources to assisting the Levitt family in their ongoing
refusal to comply with their contractual obligations. Taro's previous attempt to thwart Sun's
contractual rights already resulted in a stunning denunciation of the Taro directors by the Tel-Aviv
District Court. Sun hopes that the Taro directors will not waste additional time or company