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The basics:

• Sun Pharma to acquire Jersey City-based Organon in $11.75B deal
• Organon brings women’s health and medicines sold in 140 countries
• Combined company projected among top 25 global pharmaceutical firms
• Deal expected to close in early 2027 pending regulatory approvals

India’s largest pharmaceutical company will acquire Jersey City-based drugmaker Organon & Co. in an all-cash deal valued at about $11.75 billion.

Under the terms of the transaction announced April 26, Sun Pharmaceutical Industries would gain access to the Merck spinoff‘s portfolio of more than 70 women’s health and general medicines sold across 140 countries. The buyer has its U.S. headquarters in Princeton.

Sun Pharma will buy Organon for $14 a share. The price reflects a premium of more than 24% above the April 24 closing price, the companies said.

Following the deal’s expected conclusion in early 2027, the combined entity would boast revenue of $12.4 billion, making it one of the top 25 global pharmaceutical companies.

Merging with Organon would also rank Sun Pharma as a top three company focused on women’s health and the seventh largest biosimilar player in the world, according to the buyer.

Both company boards have approved the acquisition, according to a press release. Sun Pharma expects to fund the purchase using cash reserves and secured bank financing.

A closer look at Organon

Formed in 2021, Organon’s offerings include medicines and products in therapeutic areas including women’s health and biosimilars. It supports its key markets of the U.S., Europe, China, Canada and Brazil with six manufacturing facilities worldwide.

At the end of December 2025, the company reported $6.2 billion in revenue, $8.6 billion in debt and a cash balance of $575 million.

In recent years, Organon’s portfolio has experienced several changes, including the $1.2 billion acquisition in September 2024 of Dermavant. Organon also lost exclusivity in Europe and Japan for its second-largest product, cholesterol-lowering drug Atozet.

As part of a restructuring effort, Organon let go about 5% of its workforce since 2023.

The company parted ways with its first CEO Kevin Ali last fall, after an internal probe reportedly turned up evidence of suspect sales practices. Organon Executive Vice President and Head of Manufacturing & Supply Joseph Morrissey then stepped up as interim while the company searches for a permanent leader.

Here comes the Sun

Following the Sun Pharma announcement, Organon Executive Chair Carrie Cox said, “our Board determined that this all‑cash transaction offers compelling and immediate value to Organon stockholders. We believe Sun Pharma is well positioned to support Organon’s businesses, employees and patients globally, and to further advance our commitment to delivering impactful medicines and solutions.”

This would mark Sun Pharma’s sixth acquisition over the past 16 years, CNBC noted. Additionally, it would be the largest overseas acquisition by an Indian pharmaceutical company.

Currently valued at more than $40 billion, Sun Pharma’s products cover dermatology, ophthalmology and onco-dermatology. Its presence in 150 countries generates over $100 million in revenue annually. The company touted the Organon buyout as part of a strategy to grow its innovative medicines business.

Sun Pharma Executive Chairman Dilip Shanghvi shared, “This transaction represents a significant opportunity for Sun Pharma to build on its vision of Reaching People and Touching Lives. Organon’s portfolio, capabilities and global reach are highly complementary to our own, and we believe that bringing the two organizations together can create a stronger and more diversified platform. We have deep respect for Organon’s mission and look forward to building on its legacy while driving sustainable long‑term growth.”

Sun Pharma Managing Director Kirti Ganorkar described the merger as “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. Our immediate priorities will be business continuity, disciplined integration and responsible value creation.

Together, we will become a partner of choice for acquiring and launching new products.
—Kirti Ganorkar, managing director, Sun Pharmaceuticals

“We see strong potential in leveraging Organon’s talent pool. In addition, there is a scope for synergies including significant revenue upside opportunities to be realized over the coming years,” he said.