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Sun Pharma’s $11.75-billion purchase of Organon to scale up women’s health portfolio
- IBJ Bureau
- Apr 28, 2026
Sun Pharmaceutical Industries has agreed to acquire New York-listed women’s healthcare company Organon & Co, in what is likely to be one of the biggest India outbound deals in years.
Sun Pharma will pay $14 per Organon share in cash, giving the company an enterprise valuation of $11.75 billion, according to a statement from the pharmaceutical company.
Sun Pharma plans to fund the acquisition through a combination of available cash resources and committed financing from banks.
The transaction has been approved by the boards of both Sun Pharma and Organon and is expected to close in early 2027, pending closing conditions such as regulatory and Organon shareholders’ approvals.
Organon, which has a market capitalisation of roughly $3 billion, had also drawn interest from other bidders, including Germany’s Grunenthal and private equity firms, people familiar with the matter have said.
The deal is expected to give Sun Pharma an immediately deployable commercial platform across 140‑plus markets, including China, Europe and South Korea.
It will also add women’s health as a durable innovation pillar and propel the company into biosimilars at a global level, the areas that would have taken years for Sun Pharma to build organically.
Besides, Organon’s strong, predictable cash flows provide the financial headroom for Sun Pharma to fund this expansion, while deleveraging over time.
The New Jersey-based company was spun off from Merck & Co in 2021 and had total debt of about $8.8 billion as of the end of last year.
Organon focuses on women’s health in areas such as breast cancer, contraception, osteoporosis and menopause.
Sun Pharma is India’s biggest pharmaceutical company and has market value of $41 billion.
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