Sun Pharmaceutical Industries Ltd (SUNPHARMA) — Announcement | 8 September 2026

Sun Pharmaceutical Industries Limited announced international credit ratings from Moody's and S&P Global following its proposed $11.75 billion acquisition of Organon & Co. Moody's assigned a Baa1 rating with a stable outlook, while S&P Global assigned a preliminary BBB+ rating. Both ratings highlight Sun Pharma's strong global franchise, diversified portfolio, and robust financial profile, though they note integration risks and temporary leverage increases from the acquisition. The transaction is expected to close by March 2027, pending regulatory approvals, and will significantly expand Sun Pharma's scale in women's health and biosimilars while adding approximately $350 million in annual cost synergies. The company maintains excellent liquidity with $3.6 billion in cash and a $12 billion committed financing facility. The stable outlooks from both agencies reflect expectations of successful integration, mid-to-high single-digit revenue growth, and gradual debt reduction bringing leverage toward 2.0x within 18 months post-acquisition. The ratings underscore Sun Pharma's strategic positioning as a global pharmaceutical leader with enhanced therapeutic and geographic diversity, though execution risks remain tied to Organon's complex integration and performance.