 "Share pledges at 7-year high")
Taro Pharma, the Israeli subsidiary of Sun pharmaceutical, has decided to buy back its shares worth $250 million. The repurchase authorisation enables the company to purchase its ordinary shares from time to time through the open market, negotiated transactions or other means.
It also includes other type of trading plans in accordance with applicable securities laws or other restrictions. The company is listed on New York Stock Exchange (NYSE).
“Repurchases may be made from time to time at the company’s discretion, based on ongoing assessments of the capital needs of the business, the market price of its stock, and general market conditions,” the company said in a statement.
“No time period has been set for the repurchase programme, and any such programme may be suspended or discontinued at any time,” it added.
The company offers prescription and over-the-counter pharmaceutical products in the dermatological and topical, cardiovascular, neuropsychiatric, and anti-inflammatory therapeutic categories.
