India’s largest pharmaceutical company, Sun Pharmaceutical Industries Limited (“Sun Pharma”), and Jersey City, NJ – headquartered Organon & Co. signed a definitive agreement under which Sun Pharma will acquire all outstanding shares of Organon for $14.00 per share in cash. The transaction values Organon at $11.75 billion.
Organon, established in 2021 following a spinoff from Merck (MSD outside the U.S. and Canada), is a global healthcare company with a strong reputation among healthcare professionals, patients, regulators, and stakeholders. The company is recognized as a leader in women’s health, offering more than 70 products across Women’s Health and General Medicines, including biosimilars. Organon operates six manufacturing facilities in the European Union and emerging markets, supporting its global scale.
The acquisition aligns with Sun Pharma’s strategy to expand its Innovative Medicines business. The combined entity will strengthen Sun Pharma’s position in Established Brands and Branded Generics, while also marking its entry into biosimilars as a top‑10 global player. Organon’s portfolio, geographic reach, and stakeholder relationships are expected to complement Sun Pharma’s existing strengths and drive long‑term value creation.
Following completion, Sun Pharma will rank among the top 25 global pharmaceutical companies, with combined revenue of $12.4 billion. It is projected to become a leading player in Established Brands/Branded Generics, with 27% of revenue from Innovative Medicines. The company will also be a top 3 player in global Women’s Health and the 7th largest biosimilars company worldwide. Its presence will extend to 150 countries, including 18 large markets generating over $100 million each. EBITDA and cash flow are estimated to nearly double, reducing leverage to a Net Debt/EBITDA ratio of 2.3x.
The Boards of Directors of both companies have approved the transaction, which remains subject to regulatory approvals and Organon stockholder approval. Closing is expected in early 2027.
For the year ended December 31, 2025, Organon reported $6.2 billion in revenue and Adjusted EBITDA of $1.9 billion. The company had debt of $8.6 billion and cash of $574 million. Organon also received $440 million from a recent product divestiture, which will add to its March 31, 2026 cash balance.
Executives from both companies emphasized the complementary nature of the deal, highlighting opportunities for growth, synergies, and enhanced global reach.
