Stock Market Today, April 27: Organon Shares Surge After Sun Pharma Agrees to Acquire Company in All Cash Deal
Organon (NYSE:OGN), a women’s health therapies specialist, closed Monday at $13.16, up 16.87%. The stock is jumping after premarket news that Sun Pharmaceutical Industries agreed to acquire Organon in an all-cash deal. Trading volume reached 133.6 million shares, about 1,618% above its three-month average of 7.8 million shares. Organon went public via a spin-off from Merck in 2021 and has fallen 60% since going public.
How the markets moved today
S&P 500 inched up 0.12% to 7,174, while the Nasdaq Composite added 0.20% to finish at 24,887. Among drug manufacturers, peers Pfizer closed at $26.81 (-0.70%) and Bristol Myers Squibb ended at $57.77 (-1.59%), lagging Organon’s buyout-driven surge.
What this means for investors
After a tumultuous run on its own as a public company following its 2021 spinoff from Merck, Organon appears likely to be acquired by Sun Pharmaceutical Industries for $14 per share in cash. The company’s shares rose 17% on the news today.
This boost is on top of its 30% rise last Friday, after it was reported that India-based Sun Pharma, German pharma Grünenthal, and Swedish private equity firm EQT were each considering acquiring Organon.
The deal is expected to close in early 2027, following shareholder approval. Home to $8 billion in long-term debt -- versus a market cap of only $3 billion, even after this rise -- Organon likely welcomes the deal as it was previously paying $500 million in annual interest on its debt as profitability waned.
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Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bristol Myers Squibb, Merck, and Pfizer. The Motley Fool has a disclosure policy.
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