Sun Pharma is on the verge of acquiring US-based Organon for $12.5 billion, its largest deal ever. Organon's board is meeting this weekend to finalise the decision, with an announcement expected Sunday night or by Monday. Sun Pharma beat out a competing consortium of EQT and Gruenthal to clinch the deal. The deal structure splits into two parts: Sun Pharma pays $4.5 billion in equity and takes on $8.5 billion of Organon's existing debt. That debt load is the bigger number here, inheriting $8.5 billion means Sun's balance sheet will look very different after close, and investors will watch closely how the company plans to service and reduce it. Organon, spun off from Merck in 2021, focuses on women's health, biosimilars, and established branded medicines, areas that complement Sun Pharma's existing generics and specialty drug portfolio. The acquisition would significantly expand Sun's global footprint and product pipeline. The immediate questions are deal financing terms, any regulatory clearance hurdles across markets, and how Sun Pharma plans to manage the combined debt burden without squeezing its operating margins.
HDFC Bank's board has approved Rajiv Kumar, former Chief Election Commissioner and financial services secretary, as its Part-time Non-Executive Chairman from June 30, 2026. His chairmanship still requires RBI approval, but the move ends the bank's prolonged search for a permanent board leader.
Indian startups raised $1.1 billion across 16 deals in the week of June 21-26, 2026, up 2.5 times from the prior week, with CRED's $900 million Series H led by Meta accounting for most of the total. Square Yards became India's 131st unicorn after closing a $95 million round.
Jet fuel costs dropped sharply after a US-Iran interim peace deal, but airlines are expected to use the savings to rebuild margins rather than cut fares. Tight capacity, aircraft delivery delays, and weak budget carriers give major carriers unusual pricing power heading into the second half of 2026.
Meta is investing $900 million in CRED at a $4.5 billion valuation, the largest Indian startup round of 2026, as founder Kunal Shah moves to a global leadership role at WhatsApp. Miten Sampat takes over as interim CEO, and a major employee stock buyback is expected within weeks.
