Sun Pharma buys Organon for $11.75B

Sun Pharmaceutical Industries said it will buy Organon in an all-cash deal valued at about $11.75 billion, including debt. (sunpharma.com) (organon.com) The companies announced the agreement on April 26 in Jersey City and April 27 in Mumbai. Organon shareholders will receive $14.00 per share in cash. (sunpharma.com) (cnbc.com) Sun Pharma said the combined company would have about $12.4 billion in revenue and operations in 150 countries. Organon brought in $6.2 billion of revenue in 2025, according to deal coverage and company materials. (organon.com) (biospace.com) Organon was spun out of Merck in 2021 with a portfolio centered on women’s health, biosimilars and older established medicines. Sun Pharma said buying that portfolio would make it a top-three company in women’s health and the seventh-largest biosimilar player globally. (biospace.com) (organon.com) Reuters described the transaction as the largest overseas acquisition by an Indian pharmaceutical company. CNBC reported Sun Pharma shares rose more than 7% after the announcement. (reuters.com) (cnbc.com) The financing plan leans heavily on debt. Company materials said post-transaction net debt to adjusted earnings before interest, taxes, depreciation and amortization would be about 2.3 times, while outside analysts cited Organon debt near $8.6 billion. (organon.com) (financialexpress.com) The companies said the merger still needs Organon shareholder approval, regulatory clearances and other closing conditions. Organon also agreed to a $120 million termination fee in certain circumstances, according to deal reporting. (organon.com) (moneycontrol.com) If the deal closes, Sun Pharma will have turned a generics-heavy base into a broader global platform built around branded medicines, women’s health and biosimilars. (sunpharma.com) (fiercepharma.com)