Sun Pharma to acquire US drugmaker Organon for $11.75 billion: Here are India's biggest outgoing acquisitions

Sun Pharmaceutical Industries is set to acquire US drugmaker Organon & Co in an $11.75 billion (including debt) all‑cash deal. This makes it one of India's biggest outbound acquisitions.

An outbound acquisition is a cross-border transaction in which a domestic company acquires a controlling stake in or assets of a foreign company. Such an acquisition is a strategic tool to expand the business and gain access to new markets and technologies. A classic example is Tata Motors' acquisition of Jaguar Land Rover for $2.3 billion in 2008.

Organon, which was formerly Merck’s women’s health unit, specialises in women’s health (contraception, fertility, menopause) and biosimilars, drugs that are highly similar to already approved biological medicines. With this acquisition, Sun Pharma intends to tap into Organon's portfolio of more than 70 products across women's health and general medicines – commercialised in 140 countries, and further expand its women's health portfolio. It also aims to expand its innovative medicines portfolio and enter the biosimilars market.

As part of the deal, Sun Pharma will buy all the outstanding shares of Organon for $14 per share, the companies said in a joint statement, representing a premium of more than 24% to the stock's last close on Friday.

In 2025, Indian outbound merger and acquisition deals reached a decade-high of $22 billion, according to a report in The Economic Times. It was led by overseas purchases by companies such as Tata Motors and Tega Industries.

Here is a list of the biggest outgoing acquisitions by value that India has made so far:

• The closest anyone comes to Sun Pharma’s acquisition of Organon is the 2007 acquisition of the Anglo-Dutch steelmaker Corus Group by Tata Steel for approximately $12 billion. This deal was the largest overseas acquisition by an Indian company at the time, and it instantly transformed Tata Steel from a regional powerhouse into the world’s fifth-largest steel producer.
• Bharti Airtel acquired Zain Group’s African mobile operations for $10.7 billion in 2010. With this, Airtel exported its successful "minute-factory" business model—which focused on extreme cost-efficiency, massive scale, and affordable pricing—to the African market covering 450 million people. The deal helped Airtel expand its subscriber base to 15 African countries.
• Hindalco Industries acquired US-based Novelis Inc. for $6 billion in 2007. The all-cash deal instantly positioned Hindalco as the world’s largest aluminium rolled products company and transformed it into a true multinational corporation.
• Tata Motors acquired Dutch company Iveco Group for $4.45 billion in July 2025 to expand its commercial vehicle sales. Tata Motors’ strong market position in India, coupled with Iveco’s presence in Europe and Latin America, is expected to reach annual sales of over 540,000 units and generate combined revenues of roughly $25.8 billion.
• Next is the 2008 acquisition of British company Imperial Energy by ONGC Videsh Ltd, the overseas arm of India’s state-owned Oil and Natural Gas Corporation. The $2.6 billion takeover was a strategic move to secure energy sources in Russia and fulfil India’s long-term energy security objectives. The deal gave India direct access to exploration and production blocks in Russia’s Tomsk region.