Organon had debt of $8.9 billion at the end of the second quarter in 2025 and it’s been trying to divest businesses to cut the flab.The company's market cap was at $2.28 billion on the NYSE, with the stock ending at $8.76 on Friday, down from a peak of $17-$18 in November 2024. Sun’s total debt stands at a negligible Rs 2,362 crore, according to its FY25 annual report.The global biosimilar market is currently an oligopoly in which the top eight corporations—including Switzerland's Sandoz, US companies Pfizer, Biogen and Amgen, South Korea's Celltrion and Samsung Bioepis, and India's Biocon—account for about 70% of sales.Late last year Samsung Bioepis, Organon's partner for manufacturing biosimilars, was reported to be a bidder but the South Korean company later denied any such plans.Sun has an established portfolio of about 12 branded products and a mature commercial footprint to promote those in the US, having reached a stage where it’s looking to push additional products. Sun Pharma’s own innovative drugs pipeline boasts of at least six in advanced stages of clinical development including a weight-loss drug in early testing.While Sun Pharma has established itself in the dermatology, onco-dermatology, and ophthalmology businesses, an Organon buyout will help it expand into areas of high margins and less competition, said experts tracking the US pharmaceutical business.In FY25, Sun Pharma’s innovative products portfolio in the US grew to $1.21 billion, fuelled by its flagship plaque psoriasis brand Ilumya.
Author: Arijit Barman and Vikas Dandekar
Published at: 2026-01-18 22:30:00
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