Sun Pharmaceutical Industries has signed a definitive agreement to acquire Organon & Co. in an all-cash deal valued at $11.75bn.
The move is set to significantly expand the company's global pharmaceutical manufacturing footprint and strengthen its presence in women's health, biosimilars and established medicines.
The acquisition has been unanimously approved by the boards of both companies and is expected to close in early 2027, subject to regulatory clearances and shareholder approval.
The deal will create a combined business with annual revenues of approximately $12.4bn, placing the enlarged company among the world's top 25 pharmaceutical businesses.
Sun Pharma said the transaction aligns with its strategy to grow its innovative medicines division while broadening its established brands and branded generics operations.
For manufacturing and supply chain markets, the acquisition adds six Organon production facilities located across the European Union and emerging markets.
Organon currently commercialises products in more than 140 countries, while Sun Pharma operates in more than 100 markets. Together, the merged group is expected to have a presence in 150 countries.
Organon was spun out of Merck & Co. (MSD outside the US and Canada) in 2021 and has built a portfolio of more than 70 products spanning women's health, general medicines and biosimilars.
Its largest markets include the US, Europe, China, Canada and Brazil.
Sun Pharma said the acquisition would make it a top-three company in global women's health and the seventh-largest biosimilar player worldwide, giving it access to new growth opportunities in complex biologics and speciality medicines.
Dilip Shanghvi, Executive Chairman of Sun Pharma, said the transaction would create “a stronger and more diversified platform” while supporting long-term growth.
This transaction represents a significant opportunity for Sun Pharma to build on its vision of Reaching People and Touching Lives.
"We have deep respect for Organon's mission and look forward to building on its legacy while driving sustainable long‑term growth.”
Kirti Ganorkar, Managing Director of Sun Pharma, added that immediate priorities would include business continuity, disciplined integration and unlocking revenue synergies in the coming years.
This transaction is a logical next step in strengthening Sun Pharma’s global business. Together, we will become a partner of choice for acquiring and launching new products.
For the year ended 31 December 2025, Organon reported revenues of $6.2bn.
Sun Pharma said it plans to finance the acquisition through a mix of existing cash reserves and committed bank financing.