Sun Pharma is set to acquire US-based Organon & Co in a landmark $11.75 billion all-cash deal, marking one of the biggest overseas acquisitions ever by an Indian company.
The transaction values Organon at $14 per share and brings with it $8.6 billion in debt. The move strengthens Sun Pharma’s push into high-value segments like specialty medicines, biosimilars, and women’s health, particularly in the US market.
Organon, which was spun off from Merck in 2021, operates across women’s health, established brands, and biosimilars. In FY25, the company reported $6.2 billion in revenue, with strong EBITDA margins, and over $1.6 billion in North American sales.
For Sun Pharma, this deal is a major step in scaling its innovative medicines portfolio, expanding biosimilar capabilities, and moving deeper into the branded and specialty space. Post-acquisition, the combined entity is expected to generate around $12.4 billion in revenue, placing it among the top global pharma players.
The acquisition will be funded through a mix of cash reserves and committed bank financing. However, the large debt burden being taken on has already sparked debate among investors.
This deal also continues Sun Pharma’s long acquisition-driven growth strategy, which has included major moves like Ranbaxy, Taro Pharmaceuticals, and multiple specialty-focused acquisitions over the years.
In scale, this becomes the largest overseas deal by an Indian company since Tata Steel’s Corus acquisition in 2007.
