Sun Pharmaceutical Industries has agreed to acquire Organon & Co. for $14 per share in an all-cash transaction, assigning the New Jersey-based company an enterprise value of $11.75 billion. The acquisition will be financed through a combination of internal cash and bank financing and remains subject to regulatory and shareholder approval.

The purchase expands Sun Pharma’s global footprint in women’s health, adding products in contraception, breast cancer and fertility treatment. Management expects Organon’s commercial network to bolster presence in key markets such as China, where Sun Pharma currently has limited operations.

Sun Pharma forecasts more than $350 million in cost and revenue synergies over two to four years, driven by accelerated growth of Organon’s flagship brands and enhanced investment capacity in innovative therapies and biosimilars. The deal represents Sun Pharma’s largest acquisition since its $3.2 billion Ranbaxy purchase in 2015.

Following the announcement, Sun Pharma stock surged as much as 9% in Mumbai trading, marking its biggest gain since July 2021. This deal contributes to a 212% year-to-date increase in Indian outbound M&A volume, underscoring a broader trend of overseas expansion by Indian corporates.