Sun Pharmaceutical Industries’ shares closed down almost 4 percent at ₹1,654.70 on BSE, following reports that the drugmaker was close to sealing a deal for US-based Organon, in a $12 billion deal, its biggest transaction yet.
Known to be conservative in its approach, Sun Pharma Founder and Executive Chairman Dilip Shanghvi had told analysts in January, the company was looking for acquisitions – but they would be “disciplined” in their approach, and not shy away from raising debt. He was speaking to analysts following the company’s financial performance for the third quarter ended December 31, 2025.
On reports of making a bid for Organon, Sun Pharma told BSE on Friday: “the information set out in the article is speculative in nature and there is no material event/information that requires disclosure under Regulation 30 of the Listing Regulations.”
A pharma analyst told businessline that Sun Pharma had a good record of buying companies and integrating it – be it Israel’s Taro Pharma or India’s Ranbaxy, for example. However, this time around, the market was wary, as it was a large acquisition to digest, and Organon had a $9 billion debt.
Organon is a women’s healthcare company and a pharma industry insider said, the company was looking to strengthen its position in the US, given the demands by the present administration for a local foot-print. Besides women’s health products, Organon also had a biosimilar portfolio that could bolster Sun Pharma’s plans to bulk-up its innovation pipeline, he said.
Organon did not comment on the report of a Sun Pharma overture, so far. In 2025, Organon delivered $6.2 billion in revenue and $1.9 billion of adjusted EBITDA, the company said. The company’s shares surged over 28 percent to $8.85 (at 8.30 pm IST) in NYSE.
Published on April 10, 2026