New Delhi, Apr 27 (PTI) Shares of Sun Pharmaceutical Industries Ltd on Monday jumped over 7 per cent after the firm said it will acquire US-based Organon & Co in an all-cash deal at an enterprise valuation of USD 11.75 billion.
The stock climbed 7.53 per cent to Rs 1,742 on the BSE.
At the NSE, the stock surged 7.50 per cent to Rs 1,742.
The company’s market valuation edged higher by Rs 27,462.59 crore to Rs 4,16,142.85 crore in morning trade.
The company has signed a definitive agreement under which Sun Pharma will acquire all outstanding shares of Organon for USD 14 per share in an all-cash transaction with an enterprise valuation of USD 11.75 billion, Sun Pharmaceutical Industries said in a statement.
Organon is a global healthcare company formed
through a spinoff from Merck, known as MSD outside of the US and Canada, in 2021.
Commenting on the acquisition, Sun Pharma Executive Chairman Dilip Shanghvi said, “This transaction represents a significant opportunity for Sun Pharma to build on its vision of ‘reaching people and touching lives. Organon’s portfolio, capabilities and global reach are highly complementary to our own, and we believe that bringing the two organisations together can create a stronger and more diversified platform.” Organon Executive Chair Carrie Cox said, “Following a comprehensive review of strategic alternatives, our Board determined that this all-cash transaction offers compelling and immediate value to Organon stockholders.
“We believe Sun Pharma is well-positioned to support Organon’s businesses, employees and patients globally, and to further advance our commitment to delivering impactful medicines and solutions.” Post the transaction, Sun Pharma said it will also become a top-three company in global women’s health, creating a commercial platform for future growth and the 7th largest global biosimilar player. PTI SUM SUM DR DR
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