Indian Pharma Billionaire Dilip Shanghvi Doubles Down On The U.S. With $11.8 Billion Acquisition
Dilip Shanghvi, executive chairman of Sun Pharmaceutical Industries.
Courtesy of Sun Pharmaceuticals
Sun Pharmaceutical Industries—controlled by Indian billionaire Dilip Shanghvi—has agreed to buy Organon & Co. in a transaction valuing the New York-listed healthcare company at $11.8 billion.
Under the deal, Sun Pharma will buy all of Organon, including debt, at $14 a share in an all-cash transaction, the companies said in a joint statement on Monday. Shares of Sun Pharma climbed as much as 9% in early afternoon trading in Mumbai.
Sun Pharma entered the U.S. in 1998 with the acquisition of a stake in Caraco Pharmaceutical Laboratories. The American market accounted for about one-third of the company’s over $6 billion revenue in the fiscal year ending March 31, 2025. In May 2025, it acquired U.S. skin cancer drug maker Checkpoint Therapeutics for $355 million.
“This transaction represents a significant opportunity for Sun Pharma,” execufative chairman Shanghvi says. “Organon’s portfolio, capabilities and global reach are highly complementary to our own. Bringing the two organizations together can create a stronger and more diversified platform.”
With the purchase of Organon, billionaire Dilip Shanghvi’s Sun Pharmaceutical Industries’ annual revenue will more than double to $12.4 billion and make it one of the world’s top 25 drugmakers. It plans to fund the acquisition through available cash resources and committed financing from banks. The transaction is expected to be completed in 2027, subject to customary conditions, including regulatory approvals and Organon stockholder approval. Organon will be merged with a Sun Pharma unit and the U.S.-based company will be the surviving entity.
Formed through a spinoff from Merck in 2021, Organon has a portfolio of over 70 products across women’s healthcare and general medicines, including biosimilars. Among its biggest markets are Brazil, Canada, China, Europe and the U.S. It has six manufacturing plants across the European Union and emerging markets.
With a real-time net worth of $24.8 billion, Shanghvi is among the wealthiest in India. The son of a pharmaceutical distributor started Sun Pharma in 1983 with a $200 loan from his father to produce psychiatric drugs. Today, the company is India’s most valuable listed drugmaker, with a market capitalization of over $44 billion. It has expanded in recent years through multiple acquisitions, including the purchase of India’s Ranbaxy Laboratories in 2014 and U.S.-based Concert Pharmaceuticals three years ago.
Sun Pharmaceutical Industries Ltd. signage is displayed outside the company’s corporate office in Mumbai.
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