UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )*
Taro Pharmaceutical Industries Ltd.
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(Name of Issuer)
Ordinary Shares, NIS 0.0001 Nominal (Par) Value Per Share
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(Title of Class of Securities)
M8737E108
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(CUSIP Number)
August 9, 2005
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(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 13
CUSIP No. M8737E108 13G Page 2 of 13 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0
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BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 1,525,000 (see Item 4)
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EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
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PERSON 8 SHARED DISPOSITIVE POWER
WITH 1,525,000 (see Item 4)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,525,000 (see Item 4)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.2% (see Item 4)
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12 TYPE OF REPORTING PERSON*
00
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*SEE INSTRUCTION BEFORE FILLING OUT
Page 2 of 13
CUSIP No. M8737E108 13G Page 3 of 13 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Management, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
--------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 1,525,000 (see Item 4)
--------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
--------------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 1,525,000 (see Item 4)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,525,000 (see Item 4)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.2% (see Item 4)
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
--------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 3 of 13
CUSIP No. M8737E108 13G Page 4 of 13 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Associates, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Anguilla, British West Indies
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0
--------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 1,525,000 (see Item 4)
--------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
--------------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 1,525,000 (see Item 4)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,525,000 (see Item 4)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.2% (see Item 4)
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
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*SEE INSTRUCTION BEFORE FILLING OUT
Page 4 of 13
CUSIP No. M8737E108 13G Page 5 of 13 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sigma Capital Management, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
--------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 325,000 (see Item 4)
--------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
--------------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 325,000 (see Item 4)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
325,000 (see Item 4)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.1% (see Item 4)
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12 TYPE OF REPORTING PERSON*
00
--------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 5 of 13
CUSIP No. M8737E108 13G Page 6 of 13 Pages
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sigma Capital Associates, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Anguilla, British West Indies
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 0
--------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 325,000 (see Item 4)
--------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
--------------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 325,000 (see Item 4)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
325,000 (see Item 4)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.1% (see Item 4)
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12 TYPE OF REPORTING PERSON*
00
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*SEE INSTRUCTION BEFORE FILLING OUT
Page 6 of 13
CUSIP No. M8737E108 13G Page 7 of 13 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0
--------------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 1,850,000 (see Item 4)
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EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
--------------------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH 1,850,000 (see Item 4)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,850,000 (see Item 4)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.3% (see Item 4)
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12 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT
Page 7 of 13
ITEM 1(A) NAME OF ISSUER:
Taro Pharmaceutical Industries Ltd.
ITEM 1(B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
Italy House, Euro Park
Yakum 60972, Israel
ITEMS 2(A) NAME OF PERSON FILING:
This statement is filed by: (i) S.A.C. Capital Advisors, LLC,
("SAC Capital Advisors") with respect to shares of ordinary
shares, NIS 0.0001 nominal (par) value per share ("Shares") of
the Issuer beneficially owned by S.A.C. Capital Associates, LLC
("SAC Capital Associates"); (ii) S.A.C. Capital Management, LLC,
("SAC Capital Management") with respect to Shares beneficially
owned by SAC Capital Associates; (iii) SAC Capital Associates
with respect to Shares beneficially owned by it; (iv) Sigma
Capital Management, LLC ("Sigma Capital Management") with respect
to Shares beneficially owned by Sigma Capital Associates, LLC
("Sigma Capital Associates"); (v) Sigma Capital Associates with
respect to Shares beneficially owned by it; and (vi) Steven A.
Cohen with respect to Shares beneficially owned by SAC Capital
Advisors, SAC Capital Management, SAC Capital Associates, Sigma
Capital Management and Sigma Capital Associates.
ITEM 2(B) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
The address of the principal business office of (i) SAC Capital
Advisors and Mr. Cohen is 72 Cummings Point Road, Stamford,
Connecticut 06902, (ii) SAC Capital Management and Sigma Capital
Management is 540 Madison Avenue, New York, New York 10022, and
(iii) SAC Capital Associates and Sigma Capital Associates is P.O.
Box 58, Victoria House, The Valley, Anguilla, British West
Indies.
ITEM 2(C) CITIZENSHIP:
SAC Capital Advisors, SAC Capital Management and Sigma Capital
Management are Delaware limited liability companies. SAC Capital
Associates and Sigma Capital Associates are Anguillan limited
liability companies. Mr. Cohen is a United States citizen.
ITEM 2(D) TITLE OF CLASS OF SECURITIES:
Ordinary Shares, NIS 0.0001 Nominal (Par) Value Per Share
Page 8 of 13
ITEM 2(E) CUSIP NUMBER:
M8737E108
ITEM 3 Not Applicable
ITEM 4 OWNERSHIP:
The percentages used herein are calculated based upon the Shares
issued and outstanding as reported on the Issuer's annual report
on Form 20-F filed with the Securities and Exchange Commission by
the Company for the year ended December 31, 2004.
As of the close of business on August 18, 2005:
1. S.A.C. Capital Advisors, LLC
(a) Amount beneficially owned: 1,525,000
(b) Percent of class: 5.2%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,525,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 1,525,000
2. S.A.C. Capital Management, LLC
(a) Amount beneficially owned: 1,525,000
(b) Percent of class: 5.2%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,525,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 1,525,000
3. S.A.C. Capital Associates, LLC
(a) Amount beneficially owned: 1,525,000
(b) Percent of class: 5.2%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,525,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 1,525,000
Page 9 of 13
4. Sigma Capital Management, LLC
(a) Amount beneficially owned: 325,000
(b) Percent of class: 1.1%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 325,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 325,000
5. Sigma Capital Associates, LLC
(a) Amount beneficially owned: 325,000
(b) Percent of class: 1.1%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 325,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 325,000
6. Steven A. Cohen
(a) Amount beneficially owned: 1,850,000
(b) Percent of class: 6.3%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,850,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 1,850,000
SAC Capital Advisors, SAC Capital Management, Sigma Capital
Management, and Mr. Cohen own directly no Shares. Pursuant to
investment agreements, each of SAC Capital Advisors and SAC
Capital Management share all investment and voting power with
respect to the securities held by SAC Capital Associates.
Pursuant to an investment management agreement, Sigma Capital
Management maintains investment and voting power with respect to
the securities held by Sigma Capital Associates. Mr. Cohen
controls each of SAC Capital Advisors, SAC Capital Management and
Sigma Capital Management. By reason of the provisions of Rule
13d-3 of the Securities Exchange Act of 1934, as amended, each of
(i) SAC Capital Advisors, SAC Capital Management and Mr. Cohen
may be deemed to own beneficially 1,525,000 Shares (constituting
approximately 5.2% of the Shares outstanding) and (ii) Sigma
Capital Management and Mr. Cohen may be deemed to own
beneficially 325,000 Shares (constituting approximately 1.1% of
the Shares outstanding). Each of SAC Capital Advisors, SAC
Capital Management, Sigma Capital Management and Mr. Cohen
disclaim beneficial ownership of any of the securities covered by
this statement.
Page 10 of 13
ITEM 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following. [ ]
ITEM 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
Not Applicable
ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY:
Not Applicable
ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
Not Applicable
ITEM 9 NOTICE OF DISSOLUTION OF GROUP:
Not Applicable
ITEM 10 CERTIFICATION:
By signing below the signatory certifies that, to the best of his
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.
Page 11 of 13
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: August 19, 2005
S.A.C. CAPITAL ADVISORS, LLC
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL ASSOCIATES, LLC
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
SIGMA CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 12 of 13
SIGMA CAPITAL ASSOCIATES, LLC
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Peter Nussbaum
---------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 13 of 13