Indian pharmaceutical giant Sun Pharmaceutical Industries Ltd. and German drugmaker Grünenthal are among firms competing for Organon & Co., the New York-listed women's health-care company, according to people familiar with the matter. The potential acquisition would mark a significant move in the pharmaceutical sector, with both companies seeking to expand their women's health portfolios through this strategic acquisition.

Organon, spun off from Merck & Co. in 2021, has been focusing on building its women's health business through both organic growth and acquisitions. The company's shares have shown volatility in recent months, making it an attractive target for strategic buyers looking to capitalize on the growing women's health market. Sun Pharma's interest represents its continued expansion beyond its traditional markets in India and the United States.

The competition for Organon highlights the increasing value placed on specialized pharmaceutical companies in the women's health space. Both Sun Pharma and Grünenthal bring different strengths to a potential deal - Sun Pharma with its extensive generic drug portfolio and Grünenthal with its focus on pain management and specialty pharmaceuticals. The outcome of this bidding war could reshape the competitive landscape in women's healthcare.