Why Sun Pharma’s hefty bid for Organon has divided investors

India’s largest drugmaker Sun Pharma is reportedly bidding for American pharmaceutical company Organon in a deal that could potentially be worth $10 billion, which would make it the largest overseas acquisition by an Indian pharma company. The drugmaker has secured $10–14 billion in temporary ‘bridge loans’ to fund the move. The potential deal has split the market, pitting those who trust chairperson Dilip Shanghvi’s track record of value creation against skeptics wary of Organon’s $8.9 billion debt pile an ...