From correspondents in Maharashtra, India, 08:00 PM IST

The US Federal Trade Commission has allowed city-based drug maker Sun Pharma to go ahead with its open offer to shareholders of Israeli firm Taro, a company statement said here Thursday.

The FTC has allowed Alkaloida Chemical Company Exclusive Group Ltd, a Sun Pharma subsidiary, to go ahead with its open offer announced earlier by granting it early termination of the anti-trust waiting period, the regulatory statement said.

'The open offer which opened on June 30 is scheduled to expire on September 2,2008 unless the offer is extended', the statement said.

Taro Pharma, is based in Israel and develops and manufactures generic drugs for sale in the US.

Alkaloida Chemical has already picked up a 36 percent stake in the Israeli firm and has offered to buy in cash the outstanding shares of Taro from its public shareholders at a price of $7.75 per share.

Greenhill and amp; Co. LLC is acting as the dealer manager while MacKenzie is acting as the information agent for the tender offer, the statement said.

(Staff Writer, © IANS)