M&A · Healthcare · Pharmaceutical Preparations
Sun Pharma to acquire Organon & Co.
Announced Apr 26, 2026 · Pending Jun 1, 2026
Deal value$11.75BEV $11.75B
Premium103.0%To unaffected price
EV / Adj. EBITDA6.7x1.9x EV / Revenue
ConsiderationAll cash$14.00 per share
Transaction
- Acquirer
- Sun Pharma
- Target
- Organon & Co. (OGN)
- Buyer type
- Strategic
- Offer price per share
- $14.00
- Enterprise value
- $11.75B
- Status
- Pending Jun 1, 2026
Deal protections
- Break fee (target pays)
- $120M · 1.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- JPMorgan, Jefferies
- To the target
- Morgan Stanley, Goldman Sachs
- Morgan Stanley fee
- $39.4M
Sector context · Healthcare
- Comparable deals
- 98 in the prior 24 months
- Premium
- 103.0% vs. 51.0% sector median
- EV / Adj. EBITDA
- 6.7x vs. 13.4x sector median
- Break fee
- 1.0% vs. 3.3% sector median
Timeline
- AnnouncedApr 26, 2026
- Proxy filedJun 1, 2026
- Definitive proxyJun 17, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Discounted cash flow$6.80$13.90
Trading comparables$7.30$19.70
Precedent transactions$13.40$15.30
Premiums paid$8.60$11.50
Analyst price targets$5.00$12.00
Offer $14.00
Implied value per Organon & Co. share by analysis, from Morgan Stanley · DCF discount rate 10.2%–10.9%.