New Delhi, April 28 -- Sun Pharmaceutical Industries Ltd on Monday announced the $11.75 billion acquisition of Organon & Co., in a seemingly aggressive push into the US market that has long decided the global fortunes of Indian drugmakers. However, the biggest buyout by an Indian company in nearly 20 years also signals that the US generics market's decades-long allure is beginning to fade for Indian drugmakers, which are now eyeing newer markets such as China, South Korea, and Spain with branded generics.

Announced early on Monday, the Organon acquisition ranks as the second-largest acquisition by an Indian company, behind Tata Steel's 2007 deal to buy British steel maker Corus Group for $12 billion.

For years, Indian pharma rode a powe...