Sun Pharm extends Tender Offer date for Taro

Sun Pharmaceutical Industries has announced that its subsidiary, Alkaloida Chemical Company Exclusive Group has extended the expiration date of the Tender Offer for the purchase of all Outstanding Ordinary Shares of Taro Pharmaceutical Industries.

The Offer will now expire at 5:00 p.m., New York City time, on Friday, March 20, 2009, unless further extended or earlier terminated. The Tender Offer was extended to comply with a continuing order issued by the Supreme Court of Israel temporarily prohibiting the closing of the Offer until the Supreme Court issues a decision on the appeal of the litigation commenced against Alkaloida and its affiliates by Taro and certain of its directors regarding the applicability of the special tender offer rules under the Israell Companies Law to the Offer. The Tel-Aviv District Court had previously ruled in favor of Sun that a special tender offer was not required.

The Offer was commenced on June 30, 2008 in order to comply with the terms of the Option Agreement between Alkaloida and the controlling shareholders of Taro. Alkaloida exercised its options to acquire shares of Taro from the controlling shareholders on June 25, 2008.