Online BusinessTaro Q2 profit down 4% to $12.49 mn
Israeli drug maker Taro Pharmaceutical Industries has reported a profit of $12.49 million for the three months ended June 30, a decline of 4 per cent over the same period a year ago.
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Taro is fighting a legal battle with Indian drug maker Sun Pharmaceutical related to a merger agreement between the two companies.
However, the Israeli firm had sales to the tune of $96.8 million in the second quarter as compared to $88.1 million in the same period a year ago, it said in a statement on Monday.
For the first half of 2009, the company recorded a profit of $23.6 million on sales worth $181.7 million.
According to Taro, the first half performance was hit by charges of $4.2 million related to its Irish facility and expenses related to litigations with Sun Pharmaceuticals, among others.
"...First half 2009 expenses included approximately $13 million in professional, consulting and other fees related to the company"s continuing efforts to complete the 2004-2006 audits, and litigation related to its former merger partner, Sun Pharmaceutical Industries," the statement said.
Last year, Taro had unilaterally terminated the $454 million merger agreement, citing undervaluation. Both entities signed the agreement in May 2007.
Later, both companies filed suit against each other in New York and Israel. Further, Sun Pharmaceuticals launched an open offer to acquire additional 20 per cent stake in Taro but the Supreme Court of Israel has restrained the Indian company from closing the open offer.
Last year, Taro had unilaterally terminated the $454 million merger agreement, citing undervaluation. Both entities signed the agreement in May 2007.
Later, both companies filed suit against each other in New York and Israel. Further, Sun Pharmaceuticals launched an open offer to acquire additional 20 per cent stake in Taro but the Supreme Court of Israel has restrained the Indian company from closing the open offer.