Taro Pharmaceutical Industries is a research-based pharmaceutical manufacturer publicly listed in the New York Stock Exchange. The company has more than 180 of its own drugs sold all over the world, reaching the markets of over 25 countries. The company's products are mainly sold in the United States, Canada and Israel. The symbol of the company in NYSE is "TARO".
|Public NYSE: TARO|
|Founded||1950 in Haifa, Israel|
|Uday Vijaykumar Baldota, CEO|
|Revenue||US$ 862.94 million (2015)|
|US$ 527.63 million (2015)|
|US$ 484.26 million (2015)|
|Total assets||US$ 1,737.74 million (2015)|
|Total equity||US$ 1,411.72 million (2015)|
Number of employees
Taro Pharmaceutical Industries is reported to be on steady growth since 2008. Its revenues have increased from $327 million to an estimated $717 million, and at the same time, its earnings per share have been increasing from $0.76 to an estimated $6.92 during this period.
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 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.
Taro had an initial public offering in 1961, listing its stock on the over-the-counter market in the United States. At the beginning of the 1980s Taro became interested in moving into the North American market, following the impending opening of the U.S. generics market through the Hatch-Waxman Act, that was passed in 1984 and provided a framework for the production and marketing of off-patent drugs in the United States. In preparation for this opening, Taro shifted its listing to the NASDAQ stock index in 1982.
In 1984, Taro acquired Canada-based K-Line Pharmaceuticals. K-Line specialized in generic topical medications for dermatological applications. This niche market then became Taro's primary focus in the North American market.
Acquisition by Sun PharmaceuticalsEdit
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.
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 an ointment finished products was inspected to be adulterated and did not conform good manufacturing practices.
In February 2011, Taro Pharmaceuticals resolved the warning letters after a re-inspection from FDA which showed an acceptable regulatory status.
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