Sun Pharma Executive Chairman Dilip Shanghvi described the deal as a big step towards the company's vision of reaching out to people and touching lives. Organon's portfolio and global reach complement Sun Pharma, which will create a strong and diversified platform in the future, he added.

Organon executive chairman Carrie Cox said that after reviewing the strategic options, the board found that the deal provides immediate and attractive value for shareholders.

Organon is a global healthcare company, created in 2021 by spinoff from Merck. Outside of the U.S. and Canada, it is known as MSD.

The deal is currently subject to regulatory approvals and approval from Organon's shareholders. If successful, it will be one of the largest overseas acquisitions in the history of the Indian pharma sector.