India, Aug. 1 -- image credit- shutterstock

When Sun Pharmaceutical Industries agreed in April 2026 to acquire New Jersey-based Organon & Co. for $11.75 billion - $14.00 a share, all cash - the coverage fixed on the number. Largest overseas acquisition by an Indian pharmaceutical company. Revenues lifted to roughly $12.4 billion. A place among the world's top 25 drugmakers. Executive chairman Dilip Shanghvi framed Organon's portfolio, capabilities and global reach as complementary to Sun's own.

The number is not the story. The financing structure is.

At the end of December 2025, Organon carried $8.6 billion of debt against a cash balance of $574 million - a net debt to EBITDA ratio of roughly four times. Sun, by contrast, is net cash p...