Indian generic medicines giant Sun Pharmaceutical Industries is buying the women’s health company Organon in a deal worth $11.75 billion. The deal grants Sun Pharma, India’s largest pharmaceutical company by market share, access to Organon’s biosimilars arm, which Sun Pharma says will make it the world’s seventh-biggest biosimilar company. It also says the acquisition will make it a “a top 3 company in global Women’s Health.” SunPharma is purchasing all of Organon’s shares at $14 per share in an all-cash transaction.
Organon had been bought and sold a few times before ending up at Merck & Co after its parent company, Schering-Plough, merged with the pharma giant in 2009. In 2021, Merck spun out Organon to house its biosimilars and women’s health products.
Big Pharma has been on a buying spree, and US companies like Gilead Sciences and Eli Lilly and Company have been spending billions across sectors from cell therapy to narcolepsy. At nearly $12 billion, this latest deal is the largest of 2026 so far.
In a statement, Sun Pharma managing director Kirti Ganorkar described the transaction as “a logical next step in strengthening Sun Pharma’s global business.”
Sun Pharma is mostly known as a maker of generics, and the company launched its generic glucagon-like peptide 1 (GLP-1) agonist in March after semaglutide lost patent protection in India. The company also has a growing innovative medicines pipeline and has bought up smaller companies in recent years, including Concert Pharmaceuticals in 2023 and Checkpoint Therapeutics in 2025.
In his statement accompanying the deal, Gankora described how together, Sun Pharma and Organon “will become a partner of choice for acquiring and launching new products.”
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