Sun Pharmaceutical Industries Ltd has announced the acquisition of US-based Organon & Co in an all-cash transaction, valuing the deal at an enterprise value of USD 11.75 billion—one of the largest overseas acquisitions by an Indian company.

Under a definitive agreement, Sun Pharma will acquire all outstanding shares of Organon at USD 14 per share in a fully cash-based deal, the company said in a statement on Monday.

Organon, a global healthcare firm, was spun off from Merck & Co. (known as MSD outside the US and Canada) in 2021. The company operates six manufacturing facilities across the European Union and other emerging markets.