New Delhi, April 28 -- Sun Pharmaceutical Industries Ltd's acquisition of Organon might yet avoid the pitfalls that its rivals, Lupin Ltd and Biocon Ltd, have faced in the past. Billed as among the largest deals in the Indian pharma space, the Sun-Organon deal is in a better place than the Lupin-Gavis and the Biocon-Viatris deals.

When Lupin completed the acquisition of US-based Gavis Pharmaceuticals in March 2016, the former's stock went downhill. It took Lupin 8 years, 4 months, and 17 days to return to the level from which it started falling. Biocon took a similar beating when it acquired Viatris' Global Biosimilars Business in 2022. It took Biocon 1 year, 35 days to come back to the level from which it started falling.

"On valuation...