Sun Pharmaceutical Industries has called reports of its potential $10 billion acquisition of US-based Organon “speculative,” responding to a clarification request from the BSE. The company stated that no material event requiring disclosure under SEBI’s listing regulations has occurred, and reaffirmed its commitment to transparent governance and timely updates should any significant developments arise, media reports said.
Recent media coverage, including a report by The Economic Times, claimed that Sun Pharma, India’s largest drugmaker by market capitalisation and revenue, was evaluating the acquisition of Organon—a women’s health-focused pharmaceutical firm with an expanding biosimilars portfolio. According to the report, the deal could mark Sun founder Dilip Shanghvi’s most ambitious move since the landmark Ranbaxy acquisition nearly a decade ago, potentially transforming the company’s presence in the US market.
The Economic Times said Sun Pharma had enlisted a European bank to help craft a financial proposal for Organon’s board. Organon, carved out of Merck Sharp & Dohme in 2021, began operations with US$9.5 billion in inherited debt and has since pursued acquisitions, including a US$1.2 billion purchase of Dermavant from Roivant in 2024. As of mid-2025, Organon’s debt stood at US$8.9 billion, prompting ongoing divestments of non-core assets to reduce leverage. Listed on the NYSE, Organon’s market capitalization is around US$2.28 billion.
