Taro Pharma's Suit To Block Sun Takeover Tossed

Law360, New York (July 15, 2010, 2:02 PM EDT) -- Sun Pharmaceutical Industries Ltd. has won its bid to throw out Taro Pharmaceutical Industries Ltd.'s suit seeking to block Sun's hostile takeover attempt by alleging Sun withheld key shareholder information that federal regulators seized millions of dollars in products from one of its units for manufacturing defect concerns.

Judge Paul G. Gardephe rejected Israel-based Taro's claims that Sun and the subsidiary making the offer, Alkaloida Chemical Co. Exclusive Group Ltd., had failed to make adequate disclosures concerning the offer in the U.S. District Court for the...
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