Sun Pharmaceutical Industries Ltd. has signed a definitive agreement to acquire Organon & Co. in an all-cash transaction valued at $11.75 billion, a move that could significantly expand the Indian drugmaker’s global footprint in women’s health, biosimilars and established medicines markets.
The deal values Organon at $14 per share and represents a 103% premium to the company’s closing share price on 9 April, before media reports began speculating about a possible transaction. The acquisition is expected to close in early 2027, subject to regulatory approvals and approval from Organon shareholders.
The acquisition is among the largest overseas deals by an Indian pharmaceutical company and positions Sun Pharma among the top 25 global pharmaceutical firms by combined revenue, according to transaction documents released by Organon. The combined business is projected to have revenues of $12.4 billion.
For Sun Pharma, the transaction sharpens its presence in women’s health, an area where Organon has an established portfolio and commercial network across more than 140 countries. Organon, which was spun off from Merck & Co. in 2021, markets over 70 products spanning women’s health, biosimilars and established brands. Its key markets include the United States, Europe, China, Canada and Brazil.
The deal also gives Sun Pharma access to Organon’s manufacturing network, which includes six facilities across the European Union and emerging markets. Transaction documents state that the merged entity would operate in 150 countries and have 18 major markets generating over $100 million in revenue each.
Organon said the acquisition would create a stronger cash-generating company, with EBITDA and cash flow expected to nearly double after the transaction. The company also said the combined entity would emerge as a top-three player globally in women’s health and the seventh-largest biosimilar company worldwide.
The companies cautioned that the transaction remains subject to several uncertainties, including regulatory clearances, shareholder approval and the possibility of competing acquisition proposals. Organon also flagged potential risks related to employee retention, litigation and integration challenges during the merger process.
In filings linked to the transaction, Organon said it plans to submit merger-related documents, including a proxy statement, to the U.S. Securities and Exchange Commission in the coming months.
The acquisition underscores the growing global ambitions of Indian pharmaceutical companies, particularly in specialty and complex therapeutics segments where scale, international reach and diversified portfolios are becoming increasingly important.
