India's largest drugmaker Sun Pharma will acquire U.S.-based Organon for $11.75 billion (about 17 trillion won). It is the largest merger and acquisition (M&A) in the history of India's pharmaceutical industry.
According to industry sources and the Bioeconomy Research Center at the KoreaBio Association on the 28th, Sun Pharma officially announced the acquisition of Organon on the 27th (local time). The boards of both companies have approved the transaction, and they plan to go through closing procedures including approvals from U.S. and Indian regulators and approval from Organon shareholders.
Organon was launched in 2021 when Merck (MSD) spun off its women's health products and biosimilar sales business, and it is listed on the New York Stock Exchange. Centered on women's health, it sells medicines in more than 140 countries worldwide. Recently, Organon has sold off business units in succession.
In particular, Organon has been developing its biosimilars business in collaboration with Samsung Bioepis, Biogen, and Shanghai Henlius. In 2025, biosimilar revenue was $691 million (1.0188 trillion won), up 4% from the previous year, accounting for 11.1% of total revenue of $6.216 billion (9.1636 trillion won).
Sun Pharma said that with this acquisition it will enter the top 25 by revenue among global drugmakers and rank seventh in biosimilars. The combined revenue of the two companies is estimated at about $12.4 billion (about 18 trillion won).
Industry watchers expect Sun Pharma to strengthen its competitiveness in high-growth areas such as women's health and biosimilars.
There is also an assessment that moves by major corporations are accelerating as regulatory changes such as streamlined biosimilar clinical requirements in the United States and Europe coincide with key biopharmaceutical patent expirations.
The Bioeconomy Research Center at the KoreaBio Association said, "It is necessary to watch how Sun Pharma will set the marketing priorities for biosimilars that Organon has handled to date, and whether there will be changes in the marketing strategies of Organon's partner companies going forward."
Meanwhile, ChosunBiz reported in January that Samsung Bioepis had conducted due diligence with a view to acquiring management control of Organon or its biosimilars unit. At the time, an investment banking industry source noted that because the process was still at the due diligence stage, it was uncertain whether Samsung Bioepis would ultimately proceed with an acquisition, and it was understood that Samsung Bioepis had reviewed not only Organon but also other overseas partner companies as potential acquisition targets.