Sun Pharmaceutical Industries Limited (NSEI:SUNPHARMA) submitted a nonbinding offer to acquire US-headquartered Organon & Co. (NYSE:OGN) on 22 January 2026, said people in the know, pushing ahead with its boldest global bet ever. It has already tied up acquisition financing in the form of bridge loans from at least three global banks - one each from Wall Street, Europe and Japan - to the tune of $10 billion-$14 billion to show its commitment to the board of Organon.
The due diligence process will start shortly, following which a binding bid will be made. But being a listed company, typically these dilligences are much shorter in nature. ET was the first to report January 19 on Sun making a play for Organon.
The company told the bourses the news was speculative and did not need any material disclosures. Sun Pharma and Organon didn't respond to ET's queries. Sun's offer is an all-cash deal, said the people.
Although the company had been evaluating Organon previously, Sun began serious pursuit in November-December, said the people cited. That's when Organon decided to sell its JADA post-partum haemorrhage (PPH) treatment system to Laborie Medical for up to $465 million as it sought to pivot from women's health devices to renew its focus on the women's health biopharma range.
