TARO splits today:
Taro Pharmaceutical Files Registration Statement With Respect to a Proposed Public Offering of Its Ordinary Shares
HAWTHORNE, N.Y., Jul 25, 2001 (BUSINESS WIRE) -- Taro Pharmaceutical Industries Ltd. (NASDAQ: TARO chart, msgs) announced today that it has filed with the Securities and Exchange Commission a registration statement with respect to a proposed offering of up to 5,750,000 of its ordinary shares (after giving effect to the two-for-one stock split which Taro will consummate on July 26, 2001).
Taro proposes to sell 3,200,000 shares, the selling shareholders referred to below propose to sell an aggregate of 1,800,000 shares and up to 750,000 shares may be sold by Taro upon exercise of the underwriters' over-allotment option. Merrill Lynch & Co. will serve as the lead managing underwriter for the proposed offering and Bear, Stearns & Co. Inc., Banc of America Securities LLC and CIBC World Markets Corp. will also serve as managing underwriters.
The selling shareholders will be Barrie Levitt, M.D. (Taro's Chairman), Aaron Levitt (Taro's President) and Daniel Moros, M.D. (Taro's Vice-Chairman). They currently beneficially own in the aggregate approximately 29% of Taro's outstanding ordinary shares. Following their exercise of currently outstanding options and their sale of shares in the offering, the selling shareholders will beneficially own approximately 22% of Taro's then outstanding ordinary shares (assuming no exercise of the underwriters' over-allotment option). Dr. Levitt will also continue to beneficially own all of Taro's outstanding founders' shares. The selling shareholders intend to use a majority of the net proceeds from their sale of shares in the offering to pay the taxes, which they will incur by reason of the exercise of their options.
Taro develops, manufactures and markets generic and proprietary prescription and over-the-counter drug products, as well as active pharmaceutical ingredients, primarily in the United States, Canada and Israel.
When available, copies of the preliminary prospectus relating to this offering may be obtained from Merrill Lynch & Co. at 4 World Financial Center, North Tower, New York, N.Y. (212-449-1000); Bear, Stearns & Co. Inc. at 245 Park Avenue, New York, N.Y. (212-272-2000); Banc of America Securities LLC at 9 West 57th Street, New York, N.Y. (212-583-8900); or CIBC World Markets Corp. at 425 Lexington Avenue, New York, N.Y. (212-856-4000).
A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these shares in any state or other jurisdiction, in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction
Contact:
Taro Pharmaceutical Industries Ltd.
Kevin Connelly, (914) 345-9001
or
The Financial Relations Board/BSMG Worldwide
Daniel Saks, (310) 996-7466 (General Info.)
Judith Sylk-Siegel, (212) 661-8030 (Media Inquiries) |
