India's Sun Pharmaceutical Industries is weighing a potential $10 billion acquisition of U.S.-listed women's health drugmaker Organon & Co. The Economic Times report cites people familiar with the matter, suggesting this would be Sun's largest cross-border takeover since its Ranbaxy deal nearly a decade ago. Organon, spun off from Merck & Co in 2021, has been working to reduce its substantial debt while expanding its biosimilars portfolio.

The timing appears strategic. Organon's share price has nearly halved from its late-2024 highs, potentially offering Sun an attractive entry point. The Indian firm, which carries minimal leverage, has re-engaged with the target after talks previously stalled over valuation concerns. Organon's debt stood at about $8.9 billion at the end of Q2 2025, making a complex deal structure likely.

If successful, this acquisition would significantly bolster Sun's global presence, particularly in the women's health sector. The move reflects a broader trend of Indian pharma companies seeking overseas assets to diversify and gain advanced capabilities. Market reaction was muted initially, with Sun's shares slipping slightly, though the stock had touched a 15-week low earlier in the day amid broader market volatility.