# Sun Pharmaceutical Industries正與全球貸方合作，籌措資金以完成擬議的120億美元收購Organon & Co。

*biotech, business · news · 2026-05-06 · Outlook Business*

## Key points

- Sun Pharma正考慮以新發行的Sun Pharma債務置換Organon債券持有人的債務，作為融資的一部分。
- Sun Pharma可能發行歐元計價債券，其信用評等可能高於Organon的債券。
- 計畫透過30億至40億美元的離岸貸款資助Organon收購案。
- 收購完成後，合併後的淨負債與EBITDA比率將從Organon的4倍降至2.3倍。
- 此交易使Sun Pharma進入生物相似藥領域，並大幅擴展其女性健康產品組合。

Sun Pharmaceutical Industries is working with global lenders to piece together financing for its proposed $12 billion acquisition of the New Jersey-based Organon & Co, according to a Bloomberg report. Deal at a Glance Sun Pharma signed a definitive agreement to acquire Organon on April 26, in an all-cash deal valued at $11.75 billion, including debt. Under the terms, Sun Pharma will buy all outstanding shares of Organon at $14 per share, a premium of over 24% to the stock's closing price on April 24. Once completed, the acquisition will be the largest overseas deal in Sun Pharma's history and is expected to push the company into the top 25 global pharmaceutical companies, with a combined revenue of $12.4 billion, according to CNBC. One option involves seeking consent from Organon's existing bondholders to swap their holdings into Sun Pharma debt. The company is also exploring a potential euro-denominated bond that could carry a credit rating one to two notches higher than Organon's current rating. Additionally, Sun Pharma is planning to raise between $3 billion and $4 billion through offshore loans. The final financing package is likely to be a combination of all these options. These latest proposals may replace an earlier bridge loan facility the company had been working on. Three banks, Mitsubishi UFJ Financial Group, JPMorgan Chase & Co and Citigroup, had initially committed to providing funding through a bridge facility. "Currently, three banks including Citi have underwritten the acquisition facility and will work with Sun extensively over the next few months on multiple aspects and milestones of the acquisition," K Balasubramanian, CEO of Citi India and Banking Head for the Indian Subcontinent, told Bloomberg. What Sun Pharma Gains The Organon deal opens several new doors for Sun Pharma. It marks the company's entry into the biosimilars segment and strengthens its women's health portfolio, two areas where it currently has limited presence. Beyond products, the deal gives Sun Pharma access to new geographies. "We have little presence in China; Organon will help the company establish it," the company's management said, as quoted by The Informist. Sun Pharma is also looking to enter ten new markets, including South Korea. Managing Debt Post-Merger Organon carried a debt of $8.6 billion and a cash balance of $574 million as of December 2025, with a net debt-to-EBITDA ratio of 4 times. Sun Pharma, by contrast, is currently net-cash positive. Following the merger, the combined entity's net debt-to-EBITDA ratio is expected to settle at 2.3 times. The management has reportedly expressed confidence in paying down debt quickly, noting that Organon's debt carries an interest rate of around 5.5%. This is not the first time Sun Pharma has pursued a financially stressed acquisition. In 2007, it successfully took over Israeli research firm Taro Pharma, which was then listed in New York and in financial difficulty. In 2014, it bought Ranbaxy Laboratories, then facing regulatory action from the US Food and Drug Administration, from Japan's Daiichi Sankyo for around $3.2 billion. Organon marks Sun Pharma's sixth acquisition in the past 16 years.

**Companies:** Sun Pharmaceutical Industries, Organon & Co, JPMorgan Chase & Co, Citigroup, Mitsubishi UFJ Financial Group
**Countries:** India, United States

[Read the full story on Outlook Business](https://www.outlookbusiness.com/corporate/bonds-loans-and-a-bold-leap-inside-sun-pharmas-plan-to-finance-12-bn-organon-deal)

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