Sun Pharmaceuticals has entered into a definitive agreement under which the company will acquire all outstanding shares of Organon for US$ 14.00 per share in an all‑cash transaction with an enterprise valuation of US$ 11.75 billion.

Organon is a global healthcare company formed through a spinoff from Merck, known as MSD outside of the United States and Canada, in 2021. Organon has a legacy of deep trust and strong brand equity among HCPs, patients, regulators and other stakeholders. A global leader in women's health, the company's portfolio includes more than 70 products across Women's Health and General Medicines, which includes biosimilars, commercialized across 140 countries, with the U.S., Europe, China, Canada, and Brazil among its largest markets. This global footprint is supported by six manufacturing facilities across the European Union and emerging markets, reinforcing its scale and reach. Together, Organon's General Medicines and Women's Health franchise reflect the company's commitment to advancing access and affordability for communities around the world.

The proposed acquisition of Organon is aligned with Sun Pharma's strategy of growing its Innovative Medicines business. The combined company becomes a stronger player in Established Brands /Branded Generics business. The deal also enables Sun Pharma's entry into biosimilars as a Top-10 global player. Organon's portfolio, global footprint and strong stakeholder relationships shall complement Sun Pharma's existing strengths and enhance long‑term value creation.

Upon successful consummation of the transaction, Sun Pharma is poised to be:

- Among the top 25 global pharmaceutical companies with combined revenue of US$ 12.4 billion
- A leading player in Established Brands/Branded Generics
- A more Innovative Medicines focused company with 27% revenue share
- A top 3 company in global Women's Health, creating a commercial platform for future growth
- The 7th Largest global biosimilar player
- A company with presence in 150 countries, with 18 large markets, each generating over US$ 100 million revenues
- A stronger cash generating company with EBITDA and cash flow set to nearly double, supporting deleveraging from post transaction Net Debt/EBITDA of 2.3x.

For the year ended 31st December, 2025, Organon reported US$ 6.2 billion in revenue and Adjusted EBITDA of US$ 1.9 billion. Organon had debt of US$ 8.6 billion and cash balance of US$ 574 million. Organon recently closed on a divestiture of a product for which it received an upfront payment of $440 million, the net proceeds of which will further contribute to its March 31, 2026 cash balance.