Sun Pharmaceutical Industries has agreed to buy US-listed Organon & Co. for $14 per share in an all-cash deal worth $11.75 billion (roughly Rs 97,500 crore), making it one of the largest overseas acquisitions by an Indian pharma company. Organon was spun off from Merck in 2021 and sells more than 70 products across women's health, general medicines, and biosimilars in 140 countries. Its 2025 revenue stood at $6.2 billion, with adjusted EBITDA of $1.9 billion, though it carries $8.6 billion in debt. Sun Pharma will fund the deal through internal cash and committed bank financing. Post-merger, the combined company will have revenue of $12.4 billion and presence in 150 countries, pushing Sun Pharma into the global top 25 pharma firms. EBITDA and cash flows are expected to nearly double, though the deal leaves net debt at 2.3x EBITDA at closing. The deal gives Sun Pharma an immediate foothold in biosimilars as a top-10 global player and makes it a top-3 company in women's health worldwide. Innovative medicines will account for 27% of combined revenue. Both boards have approved the transaction, which still needs regulatory clearances and Organon shareholder approval. Closing is expected in early 2027.
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.
