Sun Pharma Clears Key Milestone as Organon Shareholders Back USD 11.75 Billion Buyout
New Delhi: Sun Pharmaceutical Industries Ltd on Friday said shareholders of Organon & Co have approved its previously announced proposal to acquire the US-based firm at an enterprise valuation of USD 11.75 billion.
The shareholder approval marks an important milestone towards completion of the proposed transaction, Sun Pharma said in regulatory filing.
"The acquisition remains subject to the satisfaction of the remaining customary closing conditions, including applicable regulatory approvals," it added.
Under the merger transaction, Organon is expected to become a wholly owned subsidiary of Sun Pharmaceutical Holdings USA, Inc, an indirect wholly owned subsidiary of Sun Pharma, the filing said.
In April this year, Sun Pharmaceutical Industries Ltd had announced the signing of a definitive agreement to acquire US-based Organon & Co in an all-cash deal at an enterprise valuation of $11.75 billion.
Under the agreement, Sun Pharma would acquire all outstanding shares of Organon for $14 per share in an all-cash transaction.
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