Sun Pharma will acquire 100% of Organon’s outstanding equity at an enterprise value of $11.75 billion, it said in an exchange filing.
Shareholders of Organon will be liable to receive $14 per share in cash, which is a 24% premium to the stock’s closing price on Friday. Shares of Organon have already doubled in value since April 8 this year, when reports of this transaction first began to surface. This includes a 30% jump in the stock last Friday itself.
CNBC-TV18 had reported on Saturday, April 25, that the deal is one-step closer and that it will be announced soon.
Sun Pharma also said that the proposed acquisition aligns with the company’s strategy of growing its innovative medicines business and that it enables the company’s entry into Biosimilars as a top-10 global player.
Shares of Sun Pharma had ended 3.7% lower last Friday at ₹1,618.5. The stock is down 10% in the last one month.
This is breaking news and will be updated with more details.
