Sun Pharmaceutical Industries has completed the acquisition of Organon & Co for $11.75 billion, achieving an enterprise value-to-sales (EV/Sales) multiple of 1.9, significantly lower than the industry median of 4.8. This acquisition, while providing an opportunity for growth, highlights the challenges ahead, as Organon's revenue has remained largely flat over the past four years. Nearly 60% of Organon's revenue comes from established brands, with women's health contributing 28%. The deal allows Sun Pharma to enhance its portfolio, increasing the share of innovative medicines from 20% to 27%. Furthermore, Organon's operations span six manufacturing facilities across multiple countries and a commercial presence in more than 140 countries, offering Sun Pharma a strategic entry into the US market amidst regulatory challenges. However, the acquisition will increase Sun Pharma's debt, as it plans to raise approximately $9.25-9.75 billion to finance the deal, pushing its net debt-to-Ebitda ratio to around 2.3 times. Sun Pharma anticipates cost synergies exceeding $350 million over the next 2-4 years, which could help mitigate near-term risks associated with integration and leverage.