State Bank of India (SBI) is set to join a global consortium financing Sun Pharmaceutical Industries Ltd.’s landmark USD 12 billion acquisition of Organon & Co., cementing one of the most significant milestones in Indian pharmaceutical history. India’s largest public sector bank is expected to contribute up to USD 1 billion — pending board approval — alongside international lenders Citigroup, JPMorgan Chase, and Mitsubishi UFJ Financial Group (MUFG).
Announced in April 2026, the all-cash deal at USD 14.00 per share represents one of the largest outbound transactions ever undertaken by an Indian company. Sun Pharma will gain access to Organon’s diversified portfolio spanning women’s health, biosimilars, and dermatology, significantly expanding its global commercial footprint.
SBI’s participation marks a decisive shift in India’s acquisition finance landscape. Following the Reserve Bank of India’s February 2026 directive permitting domestic banks to fund corporate takeovers, this transaction is among the first large-scale domestic bank-backed cross-border deals. The development signals growing institutional confidence in India’s pharmaceutical ambitions on the global stage. The Organontransaction is expected to close in early 2027, subject to regulatory and shareholder approvals.
Written By: Sayan Das
Graphics by: Mainak Sen
