Sun Pharma Company
Transcript of Sun Pharma Company
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Sun Pharmaceutical Industries Limited
Corporate Office: Acme Plaza, Andheri Kurla Road, Andheri (E), Mumbai - 400 059.
Tel: 91-22-66969696 Fax: 91-22- 28212010 www.sunpharma.com
Creating Lasting Value
Investor PresentationFeb 2010
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Creating Lasting Value - Investor Presentation 2
Disclaimer
Except for the historical information contained herein, statements in this presentation
and the subsequent discussions, which include words or phrases such as will,aim,
will likely result,would,believe,may,expect,will continue,anticipate,
estimate,intend,plan,contemplate,seek to,future,objective,goal,
likely, project, should, potential, will pursue and similar expressions or
variations of such expressions may constitute "forward-looking statements". These
forward-looking statements involve a number of risks, uncertainties and other factors
that could cause actual results to differ materially from those suggested by the forward-
looking statements. These risks and uncertainties include, but are not limited to our
ability to successfully implement our strategy, our growth and expansion plans, obtain
regulatory approvals, our provisioning policies, technological changes, investment and
business income, cash flow projections, our exposure to market risks as well as other
risks. Sun Pharmaceutical Industries Limited does not undertake any obligation to update
forward-looking statements to reflect events or circumstances after the date thereof.
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Creating Lasting Value - Investor Presentation 3
Agenda
Revenue
Composition
1
Strategy &Approach
History &Profile
Growth
KeyAcquisitions
BusinessOperations
GeographiesAPI, FinishedDosage &Manufacturing
Research &Development
Management& Governance
Financials
2
3
4
5
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Agenda
Revenue
Composition
1
Strategy &Approach
History &Profile
Growth
KeyAcquisitions
BusinessOperations
GeographiesAPI, FinishedDosage &Manufacturing
Research &Development
Management& Governance
Financials
2
3
4
5
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Revenue Composition
45%
35%9%
11%
India
Branded Generics
5 Year CAGR 25%
US Generics
5 Year CAGR 47%
APIs5 Year CAGR 20%
International Branded
Generics (ex-US)5 Year CAGR 42%
Finished Dosagesales 89%5 year CAGR 34%
Internationalsales 53%5 year CAGR 43%
2008-09 Annual sales : Rs 43,751 million
5 Year CAGR 32%
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Creating Value, Continuously
1983
Began with5 products
1993
First Research CentreSPARC, Baroda
1994
IPO - Rs. 550 Mnraised
1995
First APIPlant Panoli
1997
Went Global,$7.5Mn investedin Caraco
2004
USD 350mnFCCB raised
2007
Demergerof innovativeR&D to SPARC
The performance continues
2010
5 Key operatingsubsidiaries8,000+ Employees
Invested Rs. 17 billionin Research
19 Manufacturing facilitiesin 4 Continents
More than 50% of sales from international markets
PART OFSun Pharma Today
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Key Operating Subsidiaries
Caraco Pharmaceutical
Laboratories
Develops, manufactures, market
and distributes generic andprivate label pharmaceuticals
and markets them throughout
the United States.
Chattem
Chemicals, Inc.
Narcotic raw material
importer and manufacturerof controlled substances
with a facility in Tennessee,
US
Sun Pharmaceutical Industries Limited
Sun Pharmaceutical
(Bangladesh)
Owns and operates a pharmaceutical factory and
makes pharmaceutical products that are sold in
the local market.
Sun Pharmaceutical
Industries, Inc. (SPI)
US based wholly owned subsidiary
of Sun Pharmaceutical IndustriesLimited, India.
Alkaloida Chemical
Co. Exclusive Group Ltd
ICN Hungary acquired in 2005, now renamed;
one of the few units worldwide, authorized to
make controlled substances
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Agenda
Revenue
Composition
1
Strategy &Approach
History &Profile
Growth
KeyAcquisitions
BusinessOperations
GeographiesAPI, FinishedDosage &Manufacturing
Research &Development
Management& Governance
Financials
2
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Strategy and Approach
Create sustainablerevenue streams
Focus: Chronic therapies
Differentiation: Technically
complex products
Speed to market
Seek cost leadership
Vertical integration :
Development through
Manufacturing (API and
Finished Dosage) to Marketing
Optimize operational costs
Balance profitability andinvestments for future
Acquisitions yielding high ROI
Development of complex generics
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Creating Lasting Value - Investor Presentation 10
Growing SteadilyConsistent top-line and bottom-line growth;
continuing the trend despite increasing size
Net Sales Net Profit
1,500
11,853
3,96215,
000
00-01 01-02 02-03 03-04 04-05
0
4,500
42,723
18,177
004-05 05-06 06-07 07-08 08-09
0
20,000
55,
000
0
5,435
1,352
0
6,
000
96-97 97-98 98-99 99-00 00-01
(Figures in Rs million)
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Successful At AcquisitionsAcquired 14 high potential yet under-performing businesses*; successful
turnarounds
Net Sales (MINR) Operating Margin(%) Operating Profit (MINR)
0
2,000
4,000
6,000
8,000
10,000
95-96
96-97
97-98
98-99
99-00
00-01
01-02
02-03
03-04
0
9
18
27
36
45
8 Early Acquisitions
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Key Acquisitions & RationaleYear Acquisition Country Rationale
2008Caraco acquired some products ofForests Inwood business
US Increased generic product offerings
2008 Acquired Chattem Chemicals, Inc. Tennessee, USImport registration with DEA, API Plantapproved by DEA in Tennessee, US
2005 Assets of Able labs New Jersey, US Dosage form plant (NJ, US) and IP
2005 Formulation plant in Bryan Ohio, US Dosage form plant (Ohio, US)
2005 Acquired ICN Hungary Hungary API and dosage form plant (Hungary)
2004 Womens Health Brands US Brands in womens health (US)
2004 Merged Phlox Pharma Baroda, India API Plant
2000Merged Pradeep DrugCompany Ltd (PDCL)
Chennai, India API Plant
1999 Merged Milmet Labs India Ophthalmology brands
1998 Brands from Natco India Respiratory brands
1997 Acquired Caraco Detroit, US Dosage form Plant
1997Merged Tamilnadu DadhaPharmaceuticals Ltd (TDPL)
Chennai, IndiaGynecology and oncology brands; API anddosage form plant
1996 Acquired MJ Pharma Halol, India Dosage form plant (now USFDA approved)
1996 Acquired Gujarat Lyka Ankleshwar, India API plant
1996 Bulk Drug plant from Knoll Pharma Ahmednagar, India API plant (now USFDA approved)
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Creating Lasting Value - Investor Presentation 14
Agenda
Revenue
Composition
1
Strategy &Approach
History &Profile
Growth
KeyAcquisitions
BusinessOperations
GeographiesAPI, FinishedDosage &Manufacturing
Research &Development
Management& Governance
Financials
2
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India Branded Generics : Strong Base
Market Share3.6%
Leadership in chronic
segment;
Top 3 in over 50% of more
than 500 brands
Neuro-Psychiatry
29%
Cardiology
20%Diabetology
11%
Gastroenterology
11%
Gynaecology &
Urology - 7%
Musculo-Skeletal
& Pain - 4%
Antiasthamatic &
Antiallergic4%
Ophthalmology - 4%
Others10%
Therapywise Break-up
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Relentless Customer Focus
1998 Market Share indexed to 100 for all companies
Therapy focused marketing
2,500+ sales representatives
covering 130,000 specialist doctors
Strong increase in
prescription and
sales market share
60
100
140
180
220
260
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Sun Cipla Ranbaxy Nicholas Cadila DRL
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Therapy Focused MarketingDelivering promotional message to specialty customers.
Cardiology, DiabetologyGastroenterology,
Orthopedics
Oncology
Rheumatology,Dermatology
Asthma,COPD
InterventionalCardiology
Fertility, Gynecology,Urology
Psychiatry, Neurology GynecologyOphthalmology
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Well diversified growth Growth not dependent solely on launch of new products
Over 60% of growth from products launched prior to 2005
(20%)
0%
20%
40%
60%
80%
Dr Reddy's Lupin Cipla Piramal Ranbaxy Cadila Sun
Source: ORG IMS, Nomura Research
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Creating Lasting Value - Investor Presentation 19
No Blockbuster Risk
Top 10 brands contribute 21% of sales
Top 50 brands contribute 55% of sales growth
0%
20%
40%
60%
80%
100%
Ranbaxy
Dr Reddy's
Cipla
Cadila
Piramal
Sun
Lupin
Other products
Top 50 productsSource: ORG IMS, Nomura Research
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Preferred Choice of Doctors
Our Top 10 BrandsLeadership in key therapeutic areas*
Specialist Oct '04 Oct '09
Psychiatrists 1 1
Neurologists 1 1
Cardiologists 3 1
Orthopaedic 3 1
Ophthalmologists 2 1
Gastroenterologists 1 2
Diabetologists 3 2
Chest Physicians 6 4
Nephrologists 5 4
Consulting Physicians 6 4
Gynaecologists 10 4
Oncologists 9 6
Urologists 8 8
ENT Specialists 7 16
Brand Name Therapy area
Glucored Oral antidiabetic
PantocidProton pump inhibitor/antiulcerant
Susten Women's healthcare
Aztor
CVS, cholesterol reducing
agent
Pantocid-DProton pump imhibitor/antiulcerant
Strocit CNS, stroke
Repace CVS, Hypertension
Gemer Oral antidiabetic
Encoratechrono
CNS, epilepsy
Repace H CVS, Hypertension
*Ranks based on prescription share
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Creating Lasting Value - Investor Presentation 21
US Generics
Integrated generic manufacturer
with flexibility for manufacture
onshore / offshore
The 76% owned US generics subsidiary,
markets own and Sun Pharma ANDAs
Sun Pharmaceutical
Industries, Inc. (SPI)
Caraco Pharmaceutical
Laboratories Ltd.
A wholly owned subsidiary of
Sun Pharma in US
ApprovalsTherapy wise summary
As on Dec-09
Endocine, 1
Gastro, 2
Urology, 1
Allergy, 2
Antibiotic, 2
Oncology, 10
CVS, 13
Pain, 14
CNS, 29
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ANDA Pipeline : Significant ramp up
Products Filed and Approved Status
As of Dec 09, ANDAs for 108products await approval
(including 12 tentative approvals)
81 Products pending
(with 8 tentative approval)
Sun Pharma
27 Products pending
(with 4 tentative approval)
Caraco
40
59
95
142
176
191
1520
29
53
69
83
0
50
100
150
200
Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Dec-09
Cumulative Products Filed Cumulative Products Approved
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US Generics
Bethanechol Chloride Tabs
Bicalutamide Tablets
Caffeine Citrate Injection
Caffeine Citrate Oral Solution
Carbidopa Levodopa OD Tablets
Cetrizine HCl Syrup (RX)
Ketorolac Tromethamine Opthalmic
Leuprolide acetate Injection
16 ANDA Approvals in last 12 months
Nicardipine HCl Injection
Oxaliplatin for Injection
Oxycodone HCl Tabs
Promethazine HCl Oral Solution
Quinapril Tablets USP
Sumatriptan Succinate Tablets
Topiramate Tablets
Vecuronium Bromide for Injection
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i k
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Europe Generic Markets
Plan to enter key markets
Working on complex generic
products, including injectables
Filings from Indian site
Acquired an API and Finished Dosage
manufacturing company in Hungarywith controlled substance capacity
Focus Countries
I t ti l B d d G i M k t
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International Branded Generic Markets
Less Regulated Markets
Product basket width and
technology based products as
growth drivers
Replicating the speciality template
30+ countries, 1600 products registered
and 1000 awaiting registration
400 strong local sales force promotes
brands to doctors
CIS Countries
China
Sri Lanka
Map Not to Scale
Mexico
South AfricaOther Markets
Focus Markets
Brazil
Myanmar
S i lit API
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Speciality API
High Margin Regulated Markets
Business largely with end users inregulated markets
Over 160 speciality APIs across 8 plants
Strong regulatory capability
148 DMF / CEP filed
84 approved
St R l t C bilit
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Strong Regulatory CapabilityInternational level quality processes and documentation
75
90
133
148
33
40
81 84
0
50
100
150
Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09
DMF/CEP Filed DMF/CEP Approved
Man fact ing Locations
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Creating Lasting Value - Investor Presentation 29
Manufacturing LocationsPlants across four continents enables us to compete with a tight
handle on cost and time to market across the geographies
Jammu
Ahmednagar
Maduranthakam
BangladeshPlant
Sikkim Plant
Americas
Cranbury
Detroit
Bryan
Tennessee
Goinia(Brazil)
Iztapalapa(Mexico)
Tiszavasvari(Hungary)
Europe
API and Formulations API Formulations
Halol
Ankleshwar
Panoli
DadraSilvassa
Karkhadi
India
Finished Dosage Manufacturing
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Finished Dosage Manufacturing
13 Manufacturing sites
worldwide
India : 6, US : 3
Over 750,000 sq. ft. area
Capacities available for a variety of
finished dosage
Tablets /
Capsules
Semisolids
Liquids
Suppository
Injectables / Sterile
Vials Dry powder
Ampoules Eye drops
Pre-filled Syringes MDIGels Aerosols
Lyophilized Units
API Manufacturing
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API Manufacturing
8 World class locations with all sites
ISO 14001, ISO 9002 approved India : 6, US : 1, Hungary : 1
Reactor capacity 1200 KL with over
650,000 sq ft area
Over 25 API processes
scaled up annually
APIKey Plants
Panoli & Ahmednagar(both India)
International regulatory
approvals: USFDA, European
Stand alone units for
peptides, anti-cancer,
steroids, sex hormones
Hungary &
Tennessee (US)
Controlled substances
manufacture
Agenda
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Agenda
Revenue
Composition
1
Strategy &Approach
History &Profile
Growth
KeyAcquisitions
BusinessOperations
GeographiesAPI, FinishedDosage &Manufacturing
Research &Development
Management& Governance
Financials
2
3
4
5
Research and Development
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Research and Development
Generic R&D spend around 8% of net sales
Strong research teams in generics, finished
dosage development, biological support,chemistry
2 R&D centers with about 600 scientists Mumbai
Balancingthe risk
Medium term
Drug delivery systems
Immediate term
ANDA, DMF, Products for India
Baroda
R&D Infrastructure
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Pharmacokinetics
Clinical Research
Analytical Method
DevelopmentFormulation
Development
Organic Synthesis
State of the art
research Labs
R&D Infrastructure
Baroda
16 acre campus with nearly
330,000 sq. ft research area
Mumbai
50,000 Sq. ft research campus
Develops Dosage forms and
generics for US, Europe
World-class equipment for instrumental, chemical and
microbiological analysis; Equipment include: NMR, XRD,
LC-MS/MS, HPLCs etc.
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Corporate Governance
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Corporate Governance
Our philosophy on corporate governance envisages
working towards high levels of transparency,accountability and consistent value systems across
all facets of operations
Committee chaired by Keki Mistry
comprises Hasmukh Shah and
S. Mohanchand Dadha
Audit CommitteeEminent Independent Directors
Hasmukh Shah
Chairman Gujarat Gas
Former Chairman and
Managing Director, IPCL
Keki Mistry
Vice Chairman and
CEO, HDFC
S. MohanchandDadha
Former Chairman &
Managing Director, TDPL
Ashwin DaniVice Chairman and
Managing Director,
Asian Paints Ltd.
Agenda
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Agenda
Revenue
Composition
1
Strategy &Approach
History &Profile
Growth
KeyAcquisitions
BusinessOperations
GeographiesAPI, FinishedDosage &Manufacturing
Research &Development
Management& Governance
Financials
2
3
4
5
Shareholding Pattern
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Shareholding Patternas on Dec 31, 2009
Rs 1,000 Invested in
the 1994 IPO is
currently worth morethan Rs. 120,000
Earned dividend of
Rs. 4,000Mutual Funds3%
Promoter andpromoter group
64%
Bodies Corporate5%
Individuals and Others6%
Financial Inst / Banks3%
FIIs / Foreign Banks19%
Financials
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FinancialsMarket capitalisation Rs. 312 billion / USD 6.7 billion*
2004-05 2005-06 2006-07 2007-08 2008-09
P&L Summary
Net Sales 11,853 16,368 21,359 33,565 42,723Gross Profit 8,619 11,492 15,592 26,344 34,154
EBITDA 4,167 4,914 6,724 15,511 18,639
Net Profit 3,962 5,733 7,843 14,869 18,177
R&D Spend 1,428 2,014 2,787 2,990 3,320
Fully Diluted EPS (Rs.) 20.7 27.7 38.9 71.8 87.8
BS Summary
Shareholders Funds 11,307 15,902 27,728 49,915 70,449
Loan Funds 18,230 18,745 11,144 1,436 1,789
Net Fixed Assets 6,213 8,977 10,122 11,040 16,196
Investments 6,485 3,541 2,543 7,560 18,595
Cash and Bank Balances 11,809 15,324 13,802 12,389 16,690
Inventories 3,173 5,117 6,645 7,723 9,757
Sundry Debtors 2,511 3,609 6,789 14,177 8,811
Sundry Creditors 1,063 1,110 968 2,393 2,543
Cash Flow Summary
Net Cash from Operating Activities 3,754 1,852 2,395 5,048 21,651
Net Cash used in Asset Creation Activities 1,666 3,387 2,000 1,995 5,900
Figures in Rs million
*Exchange Rate : 1 USD = Rs 46.37
Financial Ratios
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Financial Ratios
2004-05 2005-06 2006-07 2007-08 2008-09
Growth (%)
Net Sales 25.5 38.1 30.5 57.1 27.3
Gross Profit 22.2 33.3 35.7 69.0 29.6
EBITDA 5.9 17.9 36.8 130.7 20.2
Net Profit 25.5 44.7 36.8 89.6 22.2
Margins (%)
Gross Margin 72.7 70.2 73.0 78.5 79.9
EBITDA Margin (%) 35.2 30.0 31.5 46.2 43.6
Net Margin 33.4 35.0 36.7 44.3 42.5
Return (%)
Return on Average Capital Employed 20.1 18.7 22.7 35.5 31.5
Return on Average Net Worth 48.6 45.6 37.0 38.3 30.2
Others
Debt / Equity 1.61 1.18 0.40 0.03 0.03
R&D Spend % of Net Sales 12.0 12.3 13.0 8.9 7.8
Revenue 8.5 9.4 11.4 8.5 7.3
Capital 3.5 2.9 1.6 0.4 0.5
Q3 and 9m FY10 Update
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Q3 and 9m FY10 UpdateFigures in Rs million
International sales are 46% and India sales at 54% of total sales
68.7
8.2%
2,572.0
45.3%
14,228.5
47.5%
14,893.3
79.6%
24,975.8
22,196.1
9m FY09
46.2
6.4%
1,906
32.0%
9,566.0
31.5%
9,443.0
72.2%
21,619.5
29,936.2
9m FY10
(32.8%)
(25.9%)
(32.8%)
(36.6%)
(13.4%)
(4.6%)
ChangeQ3 FY10 Q3 FY09 Change FY 0809
Net Sales 10,208.6 9,182.8 11.2% 42,723.0
Gross Profit 7,351.3 7,410.2 (0.8%) 34,154.2
Gross Margin 72.0% 80.7% 79.9%
EBITDA 3,684.1 4,134.3 (10.9%) 18,638.8
EBITDA Margin 36.1% 45.0% 43.6%
Net Profit 3,389.5 4,086.4 (17.1%) 18,177.3
Net margin 33.2% 44.5% 42.5%
R&D 514.6 945.7 (45.6%) 3,320.4
R&D as % of Net Sales 5.0% 10.3% 7.8%
EPS (Diluted) INR 16.4 19.7 (17.1%) 87.868.7
8.2%
2,572.0
45.3%
14,228.5
47.5%
14,893.3
79.6%
24,975.8
22,196.1
9m FY09
46.2
6.4%
1,906
32.0%
9,566.0
31.5%
9,443.0
72.2%
21,619.5
29,936.2
9m FY10
(32.8%)
(25.9%)
(32.8%)
(36.6%)
(13.4%)
(4.6%)
ChangeQ3 FY10 Q3 FY09 Change FY 0809
Net Sales 10,208.6 9,182.8 11.2% 42,723.0
Gross Profit 7,351.3 7,410.2 (0.8%) 34,154.2
Gross Margin 72.0% 80.7% 79.9%
EBITDA 3,684.1 4,134.3 (10.9%) 18,638.8
EBITDA Margin 36.1% 45.0% 43.6%
Net Profit 3,389.5 4,086.4 (17.1%) 18,177.3
Net margin 33.2% 44.5% 42.5%
R&D 514.6 945.7 (45.6%) 3,320.4
R&D as % of Net Sales 5.0% 10.3% 7.8%
EPS (Diluted) INR 16.4 19.7 (17.1%) 87.8
Taro Update
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p
Latest
Background
Taro sent Sun Pharma a notice for purported termination of the merger agreement
saying US $10.25 per share, was too low in view of the dramatic turnaround
Sun Pharmas cash injections of approx. $60 million last year was a major factor,
otherwise Taro would have virtually negative cash
75% of Taro shareholders who are not identified with either Levitt family or Sun
objected to the continued control of the Company by the Levitt family and itsrepresentatives on the Board in the 31 Dec 2009 AGM
Despite this, the entire Board was re-elected on account of the voting majority of the Levitts
Shareholders voted decisively against the election of Taros external director
Prior to the AGM, Sun Pharma exercised its warrant to purchase 3,787,500 ordinary
share of Taro
Taro refused to issue such shares
Supreme Court judgment related to the temporary injunction & STO litigation is
awaited
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For updates and specific queries, please visit www.sunpharma.com
or feel free to contact
Uday Baldota
Tel : +91 22 6645 5645, Ext 605
Tel Direct : +91 22 66455605
Mobile : +91 98670 10529
Mira Desai
Tel : +91 22 6645 5645, Ext 606
Tel Direct : +91 22 66455606
Mobile : +91 98219 23797
2010 Sun Pharmaceutical Industries Limited., All Rights Reserved.
SUN Pharma, The Sun Pharmaceutical Industries Logo are trademarks of Sun Pharmaceutical Industries Limited.
In addition to Company data, data from IMSORG, CMARC, Stock Exchanges and industry publications has been used for this presentation.
This material was used during an oral presentation; it is not a complete record of the discussion. This work may not be used, sold, transferred, adapted, abridged, copied or
reproduced in whole on or in part in any manner or form or in any media without the prior written consent. All product names and company names and logos mentioned
herein are the trademarks or registered trademarks of their respective owners.