Taro (the name of the company was derived from the
Hebrew words for "pharmaceutical industry") was founded in 1950 by a team of pharmacists and physicians in
Haifa, Israel. In 1952 it was acquired by United States-based investors and began production and marketing Rokal and Rokacet pain relievers. In 1957, Taro acquired licenses to produce third-party products for the Israeli market and launched production of its first three licensed products,
Coumadin (also known under its generic name
Warfarin),
Percodan, and
Percocet.
Acquisition by Sun Pharmaceuticals In 2010,
Sun Pharmaceuticals of
India acquired a majority stake in the company. On 22 March 2012, the company's shares were re-listed on the
NYSE. In 2013,
Sun Pharmaceuticals attempted to buy the remaining shares in the company (it owns 69% stake), but as the company's financial performance improved, shareholders rejected the offer and the company remained publicly listed. On 17 January 2024, Taro Pharmaceutical Industries Ltd. announced a merger agreement with Sun Pharmaceutical, wherein Sun Pharma will acquire all outstanding Taro shares not already held by Sun Pharma or its affiliates for $43.00 per share. The acquisition was completed in June 2024.
FDA warnings In February 2009, the US
Food and Drug Administration (FDA) released a
warning letter to Taro Pharmaceuticals pointing out some issues relating to the company's manufacturing facility in Brampton, Ontario, Canada. The manufacture of non-sterile cream and ointment finished products were inspected to be adulterated and did not conform to
good manufacturing practices. In February 2011, Taro Pharmaceuticals resolved the warning letters after a re-inspection from FDA which showed an acceptable regulatory status. On January 10, 2020, The US Food and Drug Administration (FDA) announced a voluntary recall of 100 mg
Lamotrigine (Generic for
Lamictal) tablets manufactured by Taro Pharmaceuticals USA due to cross-contamination with
Enalapril Maleate at a Taro Pharmaceuticals manufacturing facility. == References ==