Key Summary
- Sun Pharmaceuticals has engaged a European investment bank to structure a comprehensive financing package.
- Sun has been in discussions with Organon earlier, but they could not make any headway because of valuation concerns.
- It re-entered discussions following a sharp decline in Organon’s share price
India's largest drugmaker Sun Pharmaceutical Industries Ltd has submitted a non-binding offer to acquire US women's health and biosimilars firm Organon, Economic Times reports.
The daily said, quoting sources, that the transaction is likely be around $10 billion and the Dilip Sanghvi-owned company has engaged a European investment bank to structure a comprehensive financing package.
If the transaction takes place, it will be the largest cross-border acquisition by an Indian company.
Sun has termed the report as "speculative" in a statement to stock exchanges.
This comes more than a decade after Sun acquired Ranbaxy for around $4 billion in 2014.
Sun has been in discussions with Organon earlier, but they could not make any headway because of valuation concerns.
The Mumbai-based firm has re-entered discussions following a sharp decline in Organon’s share price.
Organon was carved out of MSD (Merck Sharp & Dohme) in 2021, inheriting debt of $9.5 billion.
The Jersey City-based company has been exploring asset sales since its debt pile continues to remain high.
It divested its JADA post-partum haemorrhage (PPH) treatment system to Laborie Medical for around $465m in November 2025.
Organon's $1.2 billion acquisition of Dermavant, the immuno-dermatology arm of Roivant, in September 2024 had strained its balance sheet.
The company had faced allegations of sales irregularities, and chief executive Kevin Ali stepped down in October.
Executive vice president Joseph Morrissey was appointed interim CEO.
Sun has been focusing on innovation-led growth, and in 2025 it acquired Checkpoint Therapeutics, an immunotherapy and targeted oncology company, for $416 million.
The Organon bid is Sun Pharma’s most ambitious attempt, and an acquisition could reshape its global footprint.
This is in line with Indian generics majors focusing on high-value and speciality products, as generic drugs witness pricing pressures.
