HAWTHORNE, N.Y.--(BUSINESS WIRE)--Nov. 23, 2016--
Taro Pharmaceutical Industries Ltd. (NYSE:TARO) announced today that its
Board of Directors has approved a new $250 million share repurchase
authorization of its ordinary shares. This authorization follows the
successful completion of the previous $250 million share repurchase
program in August 2016.
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. No time period
has been set for the repurchase program, and any such program may be
suspended or discontinued at any time.
The repurchase authorization enables the Company to purchase its
ordinary shares from time to time through open market purchases,
negotiated transactions or other means, including 10b5-1 trading plans
in accordance with applicable securities laws or other restrictions.
Taro Pharmaceutical Industries Ltd. is a multinational, science-based
pharmaceutical company, dedicated to meeting the needs of its customers
through the discovery, development, manufacturing and marketing of the
highest quality healthcare products. For further information on Taro
Pharmaceutical Industries Ltd., please visit the Company’s website at www.taro.com.
SAFE HARBOR STATEMENT
Certain statements in this release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. Although the Company believes the expectations reflected in
such forward-looking statements to be based on reasonable assumptions,
it can give no assurances that its expectations will be attained,
including without limitation statements in this press release regarding
Taro's intention to repurchase its ordinary shares under the share
repurchase programs. Factors that could cause actual results to
differ include the market price of Taro’s stock, the nature of other
investment opportunities presented to Taro, cash flows, general domestic
and international economic conditions, industry and market conditions,
changes in the Company's financial position, litigation brought by any
party in any court in Israel, the United States, or any country in which
Taro operates, regulatory and legislative actions in the countries in
which Taro operates, and other risks detailed from time to time in the
Company’s SEC reports, including its Annual Reports on Form 20-F. Forward-looking
statements are applicable only as of the date on which they are made.
The Company undertakes no obligations to update, change or revise any
forward-looking statement, whether as a result of new information,
additional or subsequent developments or otherwise.
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Source: Taro Pharmaceutical Industries Ltd.
Taro Pharmaceutical Industries Ltd.
Mariano Balaguer, (914)
VP, Chief Financial Officer
J. Coote, (914) 345-9001