Indian drug major Sun Pharma on Friday said that Organon shareholders have approved the proposals relating to its previously announced $11.75 billion acquisition.
The approval paves the way for the US drugmaker to become an indirect wholly owned subsidiary of the Indian pharma major.
“Stockholders of Organon & Co. (“Organon”) have approved the proposals in connection with the previously announced merger transaction under which Organon is expected to become a wholly owned subsidiary of Sun Pharmaceutical Holdings USA, Inc., an indirect wholly owned subsidiary of Sun Pharma,” according to a company statement.
The shareholder approval marks an important milestone towards completion of the proposed transaction.
The acquisition remains subject to the satisfaction of the remaining customary closing conditions, including applicable regulatory approvals.
The transaction is expected to strengthen Sun Pharma’s global footprint and expand its portfolio across key therapeutic segments.
Source: Economic Times