Generic-drug maker Sun Pharmaceutical Industries Ltd.’s $571 million purchase of Taro Pharmaceutical Industries Ltd. (NYSE: TARO) has been terminated.

Taro’s board in July rejected an offer of $24.50 per share to buy the company. Sun’s second offer in August would have given Taro shareholders $39.50 in cash per share upon closing and make it a privately-owned subsidiary of Sun, a specialty-pharmaceutical company.

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