Mumbai: India’s most valuable drug maker

孟买：印度最有价值的制药商

Sun Pharmaceutical Industries

太阳制药工业公司

is set to make its biggest and most ambitious overseas acquisition till date, a near $12.5 billion acquisition of New Jersey-based Organon &Co., said people with knowledge of the development. This will also be the largest overseas purchase by an Indian company after Corus was taken over by

预计将完成其迄今为止规模最大、最雄心勃勃的海外收购，以近125亿美元收购总部位于新泽西州的奥根公司（Organon & Co.）。知情人士透露，这也将是继塔塔钢铁收购科鲁斯之后，印度公司最大的海外收购交易。

Tata Steel

塔塔钢铁

in April 2007.

2007年4月。

A formal announcement is expected as early as Sunday evening or Monday morning.

预计最早将在周日晚上或周一早上发布正式公告。

Sun will be paying $4.5 billion for Organon’s equity, a 53% premium on the equity based on Friday’s close. The company has $8.5 billion of debt which Sun will inherit.

太阳公司将为欧加农的股权支付45亿美元，较上周五收盘时的股权价值溢价53%。该公司还有85亿美元的债务将由太阳公司继承。

The board of Organon met in the US over the weekend to shortlist Dilip Shanghvi-led Sun as the preferred bidder over a rival consortium--a combination of Swedish buyout group EQT and German pharma company Grünenthal, a specialist in pain management, said the people cited.

据知情人士透露，欧加农董事会周末在美国开会，决定将迪利普·桑赫维领导的太阳制药列为优先竞标方，胜过由瑞典收购集团EQT和德国制药公司Grünenthal（一家专注于疼痛管理的公司）组成的竞争对手财团。

Also read |

另请阅读 |

Sun Pharma wins trademark case against Navi Mumbai company

太阳制药赢得对新孟买公司的商标案

Live Events

现场活动

ET had reported on April 24 that Sun had submitted a binding offer to buy the company with committed financing support from MUFG, JP Morgan and Citi to the tune of $12 billion. JP Morgan is also advisor to Sun. AZB and Linklaters are the legal advisors.

ET 曾在 4 月 24 日报道，孙正义已提交了一份具有约束力的收购要约，承诺获得三菱日联金融集团 (MUFG)、摩根大通 (JP Morgan) 和花旗银行 (Citi) 高达 120 亿美元的融资支持。摩根大通 (JP Morgan) 也是孙正义的顾问。AZB 和 Linklaters 是法律顾问。

Organon will add significant heft to Sun’s women’s health portfolio and the fast-expanding biosimilars space.

奥尔加农将为太阳制药的女性健康产品组合以及快速扩展的生物仿制药领域增加显著的份量。

Sun had also appointed consulting firm McKinsey & Co. to prepare a detailed integration and strategy report. That was presented to Sun’s board last weekend for detailed deliberation. The Mumbai-based company, known for turnarounds, is a good match for Organon, according to most analysts. It has a proven track record of buying companies and wringing out efficiencies in firms that face financial management issues such as Caraco, Taro and Ranbaxy, its biggest transaction thus far..

太阳信托还任命了咨询公司麦肯锡公司准备一份详细的整合和战略报告。该报告于上周末提交给太阳信托董事会进行详细审议。这家总部位于孟买的公司以扭转局面而闻名，被大多数分析师认为与欧加农非常匹配。它有着收购公司的可靠记录，并在面临财务管理问题的公司中挤出效率，例如卡拉科、塔罗和兰巴克斯，这是其迄今为止最大的交易。

An executive said executive chairman

一位高管表示执行主席

Dilip Shanghvi

稀土金属

’s son Aalok is expected to move to the US once the transaction is completed. He has been spearheading the transaction along with Sanjay Jerry, a confidante of Shanghvi senior. While Sun has established itself in the dermatology, onco-dermatology, and ophthalmology businesses, an Organon buyout will help it expand into areas of high margins and lower competition, said experts tracking the US pharmaceutical industry..

Shanghvi 的儿子 Aalok 预计将在交易完成后移居美国。他一直与 Shanghvi 长期的亲信 Sanjay Jerry 共同主导这项交易。尽管 Sun 已在皮肤病学、肿瘤皮肤病学和眼科学业务中站稳脚跟，但专家表示，收购 Organon 将有助于其扩展到高利润、低竞争的领域，这些专家一直在追踪美国制药行业动态。

Sun's ambitions for a strong presence in innovative research medicines in the US was realized with its plaque psoriasis drug Ilumya (tildrakizumab), which grossed sales of $681 million last year. The company's most recent launches--Leqselvi (deuruxolitinib), used for a specific hair-loss treatment, and Unloxcyt (cosibelimab-ipdl), a new-generation anti-cancer drug--have also shown strong momentum.

太阳制药凭借其斑块状银屑病药物Ilumya（替拉珠单抗）实现了在美国创新研究药物领域占据重要地位的雄心，该药物去年销售额达到6.81亿美元。公司最近推出的两款产品——用于特定脱发治疗的Leqselvi（德鲁克索利替尼）和新一代抗癌药物Unloxcyt（考西贝利单抗-ipdl）——也展现出强劲的发展势头。

Sun has built an array of a dozen innovative brands in the US..

孙在美国建立了一系列十几个创新品牌。

Organon’s stock price has zoomed over 81.29% in the past month as the buyout buzz got louder. On Friday, it shot up 4.84% to $11.26 for a market capitalisation of $2.93 billion, following ET’s report about binding bid submissions.

过去一个月，随着收购传闻愈演愈烈，欧加农的股价飙升了81.29%。上周五，在《经济时报》报道了有关提交约束性报价的消息后，其股价上涨4.84%，达到11.26美元，公司市值达到29.3亿美元。

Sun Pharma

太阳制药

on the other hand fell 3.57% to Rs 1,619.95 on Friday for a market value of Rs 3.89 lakh crore ($41.3 billion). The stock frenzy has shifted attention away from Organon’s leveraged balance sheet and muted growth expectations toward what a buyer might see in its portfolio, cash generation, and carve-out value..

另一方面，周五下跌了3.57%，至1619.95卢比，市值为3.89万亿卢比（413亿美元）。股票狂热使得人们的注意力从奥尼康的高杠杆资产负债表和低迷的增长预期，转向买家可能在其投资组合、现金生成和分拆价值中看到的潜力。

On Friday, Sun incorporated a new US arm, Sun Pharma America Inc. It is expected that this will be the vehicle for the acquisition.

周五，太阳公司成立了一家新的美国子公司——太阳制药美洲公司。预计这将成为收购的载体。

Sun Pharma and Organon didn’t respond to queries.

太阳制药和欧加农没有回应查询。

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Different packaging, typos expose fake Mounjaro racket

不同包装、拼写错误暴露假冒Mounjaro骗局

The global biosimilar market is currently dominated by Switzerland's Sandoz, US companies

全球生物仿制药市场目前由瑞士的山德士和美国公司主导

Pfizer

辉瑞

, Biogen and Amgen, South Korea's Celltrion and Samsung Bioepis, and India's

，百健和安进、韩国的Celltrion和三星Bioepis、以及印度的

Biocon

百康

that account for about 70% of sales.

约占销售额的70%。

In recent months, Sun Pharma chairman Shanghvi has stressed the need for the Indian drug makers to pivot to innovative research for the next phase of growth while keeping intact their lead in the generics business and, if necessary, consider acquisitions to build scale.

近几个月来，太阳制药董事长尚赫维强调了印度制药企业需要在保持仿制药业务领先地位的同时，转向创新研发以实现下一阶段的增长，并在必要时考虑通过收购来扩大规模。

“We have indicated in the past that we need to be confident that whatever acquisition we make, we should be able to manage effectively without diluting focus on our own growth,” Shanghvi said on an earnings call in January. “At the same point of time, I think we have also indicated that for acquisition, if it is necessary, we are comfortable in raising debt.”.

“我们过去曾表示，我们需要有信心，无论进行何种收购，我们都应该能够有效管理，而不会分散对我们自身增长的关注，”尚赫维在一月份的财报电话会议上说。“同时，我认为我们也已经表明，如果收购是必要的，我们愿意举债。”

Sun is raising debt principally to refinance the debt on Organon’s balance sheet, accumulated after it was spun off from MSD. Organon ended 2025 with $8.64 billion in debt and guided for 2026 revenue of $6.1 billion to $6.3 billion, versus $6.43 billion reported for 2025. Sun had $3.2 billion (Rs 26,000 crore) of net cash surplus at the end of December on its balance sheet that it plans to use to buy Organon’s equity..

太阳公司筹集债务主要是为了 refinancing Organon资产负债表上的债务，这些债务是在其从MSD分拆后累积的。Organon在2025年底的债务为86.4亿美元，并预计2026年的收入将在61亿至63亿美元之间，而2025年报告的收入为64.3亿美元。截至12月底，太阳公司账面上拥有32亿美元（2600亿卢比）的净现金盈余，计划用于购买Organon的股权。

The Indian company’s “liquidity position is strong, supported by healthy cash flow generation and a net cash surplus,” said an

印度公司的“流动性状况良好，受到健康的现金流生成和净现金盈余的支持，”一家公司表示

ICRA

国际机器人与自动化会议

credit report in March. “Liquidity is also supported by substantial unutilised fund-based bank facilities. On the other hand, SPIL (

三月份的信用报告。“流动性还受到大量未使用的基于基金的银行设施的支持。另一方面，SPIL（

Sun Pharmaceutical Industries Ltd

太阳制药工业有限公司

) has limited obligations in terms of expected capex of around $150-200 million per annum and no debt repayment obligations in the near-to-medium term. Its capex can be adequately funded through existing liquidity/internal accruals.”

）在预期的资本支出方面义务有限，每年约为1.5亿至2亿美元，并且在近中期没有债务偿还义务。其资本支出可以通过现有的流动资金/内部积累充分提供资金。”

ET was the first to report January 19 that Sun was eyeing Organon for a buyout. On April 10, ET said Sun was readying a final offer this month. That sparked a 28-29% rally during the trading session that followed.

ET率先于1月19日报道了太阳制药正考虑收购欧加农的消息。4月10日，ET称太阳制药正准备本月提出最终报价。这一消息在随后的交易时段引发了28-29%的股价上涨。

Organon has been working with Morgan Stanley since late last year to find a buyer for the company. Samsung Bioepis, Organon's partner for manufacturing biosimilars, was reported to be a bidder toward the end of 2025 but the South Korean company later denied any such plans. Sun has been on the prowl for Organon ever since it decided to sell the JADA post-partum haemorrhage (PPH) treatment system to Laborie Medical for up to $465 million as it sought to pivot from female health devices to renew its focus on the women’s biosimilars, said people in the know..

自去年年底以来，欧加农一直与摩根士丹利合作，为公司寻找买家。据报道，欧加农的生物类似药制造合作伙伴三星Bioepis曾在2025年底成为潜在竞标者，但这家韩国公司后来否认了任何此类计划。据知情人士透露，自从欧加农决定以高达4.65亿美元的价格将JADA产后出血（PPH）治疗系统出售给Laborie Medical以来，该公司一直在积极寻求收购机会，试图从女性健康设备领域转型，重新专注于女性生物类似药领域。

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