$SUNPHARMA

Sun Pharmaceutical Industries on Friday said it has crossed a major milestone in its proposed acquisition of US-based Organon & Co., after Organon's shareholders approved the merger, moving the deal a step closer to completion. In a stock exchange filing dated July 24, Sun Pharma said Organon shareholders approved the proposals related to the previously announced merger, under which Organon will become a wholly owned subsidiary of Sun Pharmaceutical Holdings USA, an indirect wholly owned subsidiary of Sun Pharma. The shareholder approval comes nearly three months after Sun Pharma announced its plan to acquire Organon in a $9.4 billion deal, including debt. The transaction is the largest acquisition in the Indian drugmaker's history, and the company has previously said it expects to complete the deal by early 2027. The acquisition is expected to strengthen Sun Pharma's global presence by diversifying its revenue base beyond its specialty and generics businesses. It will also provide access to Organon's portfolio of established brands, which generate stable cash flows and broaden the company's product offerings. Sun Pharma said the shareholder vote marks a significant step toward closing the transaction. However, the deal remains subject to regulatory approvals and other customary closing conditions before it can be completed.