In one of the largest deals thus far in 2026, Sun Pharmaceutical Industries, a Mumbai, India-based bio/pharmaceutical company, has agreed to acquire Organon & Co., the former women’s health, biosimilars, and established brand business of Merck & Co., which was spun off as an independent company in 2021, for $11.75 billion.  

Organon’s portfolio includes more than 70 products across women’s health and general medicines, which includes biosimilars. The company has six manufacturing facilities across the European Union and emerging markets. In 2025, Organon reported revenues of $6.2 billion.

Primarily a generics company, the pending acquisition of Organon is aligned with Sun Pharma’s strategy of growing its Innovative Medicines business, which is focused in dermatology, oncology, and ophthalmology. Upon closing, the combined company would have combined revenues of $12.4 billion with Sun Pharma’s Innovative Medicines accounting for 27%. The company has made recent smaller acquisitions to grow its Innovative Medicines business, including its $576-million acquisition of Concert Pharmaceuticals in 2023 and Checkpoint Therapeutics, a company specializing in immunotherapies and targeted therapies for cancer, for $418 million last year (2025). With the acquisition of Concert Pharmaceuticals, Sun Pharma gained Leqselvi (deuruxolitinib), a drug for treating alopecia areata, an autoimmune dermatological disease resulting in total or partial hair loss. With the acquisition of Checkpoint Therapeutics, it gained Unloxcyt (cosibelimab-ipdl), an immunotherapy for treating advanced cutaneous squamous cell carcinoma, a form of skin cancer.

In addition, Sun Pharma says the combined company would be make it the top three company in women’s health and the number seven company in biosimilars.

The transaction has been approved by the Boards of Directors of both Sun Pharma and Organon and is subject to customary closing conditions, including receipt of required regulatory approvals and approval by Organon stockholders. The deal is expected to close in early 2027. 

Source: Sun Pharma and Organon