Taro Pharmaceutical Industries has signed a merger agreement with its controlling shareholder, Sun Pharma, reflecting an equity value for Taro of USD 1.6 billion.

Skadden, as U.S. counsel with Goldfarb Gross Seligman, as Israeli counsel, represented the Special Committee of the Board of Directors of Taro, which evaluated the proposal together with an independent financial advisor and negotiated the transaction with Sun Pharma.

Goldfarb’s team was led by Adam M. Klein, Daniel Kahn, Yael Willner, and Arielle Isaac, of the International and Hi-Tech Department.

Herzog acted as Israeli legal counsel to Sun Pharma, with Davis Polk & Wardwell as U.S. counsel. Meitar acted as Israeli legal counsel to Taro, with Shearman & Sterling as U.S. counsel.

Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products.

Sun Pharma is the world’s fourth largest specialty generics company with presence in Specialty, Generics and Consumer Healthcare products. It is the largest pharmaceutical company in India and is a leading generic company in the U.S., as well as emerging markets.