Sun Pharma Aims to Outbid Rivals with its $13 Bn Organon Offer

Sun Pharma, India’s largest drugmaker by revenue and most valuable pharma company, is competing with Sweden’s EQT and Germany’s Gruenthal, a pain-management specialist.

Dilip Shanghvi, the founder and chairman of Sun Pharma, is reported to be behind the company’s proposed $13 billion offer for U.S.-based Organon & Co. The deal, if it goes through, would give Sun Pharma access to Organon’s women’s health and branded drug portfolio, while also increasing its exposure to the U.S. market.

Sun Pharma is said to be competing with Sweden’s EQT and Germany’s Gruenthal for the acquisition.

The final all-cash bid is fully backed by $12 billion from JP Morgan, MUFG, and Citi. If the deal goes through, NYSE-listed Organon would be merged with Sun, though Organon shareholders would not receive any Sun Pharma shares. The company’s stock has also climbed nearly 52% in the past month amid rising takeover interest.

Sun’s financing plan has mainly focused on covering the debt. The Mumbai-based company has also had about $3.2 billion in net cash, which it has planned to use to fund the target’s equity purchase.

The valuation has factored in equity value, premium, and debt, while chairman Dilip Shanghvi has emphasized that Indian drugmakers need to invest more in innovation and pursue acquisitions to support future growth. In FY26, Sun Pharma has reported sales of ₹52,000 crore, with the US and India each contributing roughly 31–33% of revenue.

The U.S. company’s women’s health portfolio and growth prospects spanning breast cancer, contraception, osteoporosis, menopause, and biosimilars make it appealing to potential buyers.

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