Taro Announces Extraordinary General Meeting and Ordinary Class Meeting of Shareholders for Approval of Merger with Sun Pharmaceutical Industries Ltd.

Taro Pharmaceutical Industries Ltd. (NYSE: TARO) (“Taro” or the “Company”) today announced that it has called an extraordinary general meeting of its shareholders (the “Extraordinary General Meeting”), to be held on May 22, 2024, at 10:00 a.m., Israel time, and a class meeting (the “Ordinary Class Meeting” and together with the Extraordinary General Meeting, the “Meetings”) of the holders of the Company’s ordinary shares (the “Ordinary Shares”), to be held on May 22, 2024, at 11:00 a.m., Israel time, or immediately after the conclusion of the Extraordinary General Meeting, whichever is later, at Meitar Law Offices located at 16 Abba Hillel Road, 10th Floor, Ramat Gan, Israel. Following the Ordinary Class Meeting, a class meeting of the holders of the Company’s founders’ shares (the “Founder Shares”) will be held.

At the Meetings, Taro shareholders will be asked to consider and vote on the approval, pursuant to Section 320 of the Companies Law, 5759-1999 of the State of Israel (together with the regulations promulgated thereunder, the “Companies Law”), of the merger of Taro with Libra Merger Ltd., a company formed under the laws of the State of Israel (“Merger Sub”), under the control of Sun Pharmaceutical Industries Limited, a corporation organized under the laws of India (“Sun Pharma”), and a direct, wholly owned subsidiary of Alkaloida Chemical Company ZRT (f/k/a Alkaloida Chemical Company Exclusive Group Limited), a company formed under the laws of Hungary (“Alkaloida”), The Taro Development Corporation, a company formed under the laws of New York (“TDC”), and Sun Pharma Holdings, a corporation formed under the laws of Mauritius (“SPH”), including approval of: (i) the Agreement of Merger, dated as of January 17, 2024, by and among Sun Pharma, Alkaloida, Merger Sub, TDC, SPH and Taro (the “Merger Agreement”); (ii) the merger transaction pursuant to Sections 314 through 327 of the Companies Law, whereby Merger Sub will merge with and into Taro, with Taro surviving and becoming an indirect wholly owned subsidiary of Sun Pharma and its affiliates (the “Merger”); and (iii) all other transactions contemplated by the Merger Agreement (collectively, the “Transactions”).