New Delhi, April 27 -- Sun Pharmaceutical Industries is set to acquire US drugmaker Organon & Co in an $11.75 billion (including debt) all‑cash deal. This makes it one of India's biggest outbound acquisitions.

An outbound acquisition is a cross-border transaction where a domestic company buys a controlling stake in or assets of a foreign company. Such an acquisition is a tool to strategically expand the business and gain access to new markets and technology. A classic example would be when Tata Motors acquired Jaguar Land Rover for $2.3 billion in 2008.

Organon, which was formerly Merck's women's health unit, specialises in women's health (contraception, fertility, menopause) and biosimilars-drugs that are highly similar to alread...