SUNPHARMA

Sun Pharmaceutical Industries Ltd. is actively exploring a mix of global financing routes to support its proposed $12 billion acquisition of Organon & Co., according to sources aware of the development. The drugmaker is evaluating a plan to approach Organon’s bondholders for a potential debt swap into Sun Pharma-linked instruments, while also considering issuing euro-denominated bonds that could secure a stronger credit rating than Organon’s existing profile post-merger. In addition, the company is in talks to raise between $3 billion and $4 billion through offshore loans, with regulatory approvals for the deal expected by December. The final funding structure is likely to combine multiple instruments, replacing an earlier bridge loan strategy, as Sun Pharma aims to balance aggressive expansion with maintaining its credit strength.