Sun Pharma acquires Organon for $11.75B

Sun Pharma has entered into a definitive agreement to acquire Organon & Co. in an all-cash transaction valued at an enterprise value of $11.75 billion. Organon & Co. shareholders will receive $14.00 per share. This acquisition, one of India's largest outbound deals, is expected to close in early 2027, subject to regulatory and shareholder approvals. The deal will significantly strengthen Sun Pharma' global footprint, particularly in women's health and biosimilars, and is projected to place the combined entity among the top 25 global pharmaceutical companies with revenues of approximately $12.4 billion. The transaction is also expected to nearly double Sun Pharma' EBITDA and cash flows. Organon & Co., which was spun off from Merck & Co. in 2021, brings a strong portfolio of over 70 products across women's health and general medicines, commercialized in 140 countries. The acquisition will be financed through a mix of Sun Pharma' internal cash reserves and committed bank financing.