Sun-Organon buyout shows Indian Pharma’s big hunger for overseas M&As — Here’s a list of other major deals
Acquisitions are accelerating and set to grow further as Indian pharmaceutical companies look to move beyond their reliance on generics and build stronger, more diversified businesses.
This trend comes amid global challenges witnessed in the last two years, such as tariff threats from the US, price erosion in the generic drug market, and pharmaceutical companies’ shift towards biologics. These factors collectively are pushing Indian companies to explore new growth opportunities.
In a major hurdle for pharmaceutical companies, U.S. President Donald Trump issued an executive order on April 2 imposing a 100% tariff on brand-name drugs imported into the U.S. unless manufacturers agree to government pricing agreements or commit to producing their products domestically.
Even as deal activity picks up, most Indian pharma companies are expected to focus on smaller, strategic acquisitions rather than big-ticket deals, experts said Mint earlier. Meanwhile, innovation and new technologies are the key drivers of this increase in activity.
Merger and acquisition deals in the pharmaceutical industry in the last few months
— Sun Pharmaceutical Industries: The Mumbai-based company, one of the largest companies in the pharmaceutical industry, announced on Monday that it has signed a definitive agreement to acquire US-listed women’s healthcare company Organon.
Sun Pharma said it will acquire 100% of Organon’s outstanding equity capital at an enterprise value of $11.75 billion, according to a stock exchange filing. The deal is intended to drive long-term value creation and leverage complementary portfolios to strengthen its position in the market.
— Zydus Life Sciences: Ahmedabad-based Zydus Lifesciences is reportedly planning to acquire a majority stake in US-based biopharmaceutical firm Ardelyx Inc. and the deal is likely to be valued at $2.2-2.5 billion. Mint It was previously reported, citing two people aware of the development.
The proposed transaction will be financed through a fund ₹5,000 crore equity capital raising through qualified institutional placement (QIP) and internal cash accruals, sources said. If the deal goes through, it could significantly accelerate Zydus’ presence in global innovative medicine, a segment attracting increasing interest from Indian drugmakers.
— İntaş İlaç: According to the company’s statement, Intas acquired the Udenyca franchise from Coherus BioSciences in August last year in a deal worth $558.4 million.
Intas acquired the biosimilar drug from California-based Coherus Life Sciences in December 2024. Udenyca is a biosimilar to Neulasta or Pegfilgrastim, which is used to treat side effects of radiation therapy, such as recurrent infections, in cancer patients.
— Natco Pharmaceuticals: The Hyderabad-based pharmaceutical company announced the acquisition of 35.75% stake in South Africa’s Adcock Ingram Holdings in July 2025. The value of the deal was approximately $226 million.
The deal was aimed at enabling the Indian generic drugmaker to expand its strategic footprint in South Africa, which the company sees as an entry into the wider African continent. money control.
— Lupine: The Mumbai-based company announced in September that it had signed a definitive agreement to acquire VISUfarma BV in the Netherlands from GHO Capital Partners for €190 million.
The acquisition was finally completed three weeks ago and represents a significant milestone in Lupin’s strategy to expand its specialty care portfolio and strengthen its presence in Europe.
— Aurobindo Pharmaceuticals: The Hyderabad-based firm was in the running to buy Prague-based generic drug maker Zentiva from Advent International for $5-5.5 billion before it was sold to private equity firm GTCR.
GTCR acquired Zentiva in a deal valued at €4.1 billion ($4.8 billion). The US-based buyout firm is emerging as the frontrunner to acquire Zentiva from Advent International, beating out rival private equity players and pharmaceutical companies. CNBC.
