New Delhi, April 28 -- Sun Pharma would appear to have got itself a sweet deal when it agreed to acquire all outstanding shares of US-based Organon for $3.7 billion in cash at $14 per share.

The US pharma company had outstanding debt of $8.6 billion at the end of 2025, annual sales of $6.2 billion and adjusted Ebitda of $1.9 billion (i.e., earnings before interest, taxes, depreciation and amortization). Its enterprise value of $11.75 billion, as widely reported, is the sum of its stock value and debt, less cash on hand.

While its price-earnings ratio (a more common yardstick) goes by net income and not Ebidta, the latter calculated per share makes it clear that Sun is paying a competitive price for this maker of assorted healthcare prod...