Business OpportunitiesSun to contest Taro's lawsuit in US district court
Sun Pharmaceuticals Industries today said it will contest the lawsuit filed by Taro Pharmaceuticals in the US district court, terming the case as an attempt to divert resources by the Israeli drug firm.
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The Mumbai-based firm said that the legal action commenced against it, represented yet another "unfortunate attempt" to divert resources in assisting the Levitt family, who have opposed Sun"s takeover bid for Taro.
"Sun will fight this action vigorously and will take all legal steps available to it...," Sun Pharmaceuticals said in an e-mailed response.
Taro"s previous attempt to thwart Sun"s contractual rights has already resulted in a stunning denunciation of the Taro directors by the Tel Aviv District Court, and Sun has no doubt that the current proceeding will lead to a similar result, it added.
Sun accused that Taro board was allowing the Israeli firm to be manipulated into a series of futile legal actions, "all designed to benefit only the Levitt family", the company said.
Levitt family, promoters of Taro had opposed a takeover bid by Sun after their $454 million merger agreement signed in 2007 failed to materialise. The deal was unilaterally terminated by Taro in May 2008.
Yesterday, Taro Pharmaceutical has filed a lawsuit against the Indian firm in Southern District Court of New York alleging violation of non-disclosure agreement and misleading shareholders.