Sun Pharmaceutical Industries Ltd. agreed to acquire New York-listed women’s health-care 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 on Monday. 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 shareholder approvals. Organon, which has a market capitalization of roughly $3 billion, had also drawn interest from other bidders including Germany’s Grünenthal and private equity firms, people familiar with the matter have said. 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.
