HAWTHORNE, N.Y.--(BUSINESS WIRE)--Nov. 15, 2011--
Taro Pharmaceutical Industries Ltd. (“Taro,” the “Company,” Pink Sheets:
TAROF) announced today that Ilan Leviteh resigned as a member of its
Board of Directors (the “Board”) effective November 14, 2011. Mr.
Leviteh informed the Company that he resigned as a director due to
demands on his time relating to obligations to other companies and
concern over fulfilling the increased time commitments required of the
Board in light of the recent offer from Sun Pharmaceutical Industries
Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715)
(together with its subsidiaries and affiliates, “Sun Pharma”) to
purchase all of Taro’s issued and outstanding shares not currently held
by Sun Pharma. Mr. Leviteh did not indicate any disagreement on any
matter relating to the Company’s operations, policies or practices.
About Taro
Taro Pharmaceutical Industries Ltd. is a multinational, science-based
pharmaceutical company, dedicated to meeting the needs of its customers
through the discovery, development, manufacturing and marketing of the
highest quality healthcare products. For further information on Taro
Pharmaceutical Industries Ltd., please visit the Company’s website at www.taro.com.
SAFE HARBOR STATEMENTS
Certain statements in this release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements include, but are not limited to,
statements that do not describe historical facts and statements that
refer or relate to events or circumstances Taro “estimates,” “believes,”
or “expects” to happen or similar language. Although Taro
believes the expectations reflected in such forward-looking statements
to be based on reasonable assumptions, it can give no assurances that
its expectations will be attained. Factors that could cause
actual results to differ include the evaluation of the Sun Pharma
tender offer by Taro’s Board of Directors, acceptance of the offer by
Taro Shareholders, approval, if any required, by regulatory authorities,
general domestic and international economic conditions, industry and
market conditions, changes in Taro’s financial position,
litigation brought by any party in any court in Israel, the United
States, or any country in which Taro operates, regulatory actions and
legislative actions in the countries in which Taro operates, and other
risks detailed from time to time in Taro’s SEC reports, including
its Annual Reports on Form 20-F. Forward-looking statements speak
only as of the date on which they are made. Taro undertakes no
obligations to update, change or revise any forward-looking statement,
whether as a result of new information, additional or subsequent
developments or otherwise.
Source: Taro Pharmaceutical Industries Ltd.
Taro Pharmaceutical Industries Ltd.
William J. Coote, 914-345-9001
VP,
Treasurer
William.Coote@taro.com
