Sun Pharma’s agreement to acquire all outstanding shares of NYSE-listed Organon & Co for $14 per share in a cash deal, implies an enterprise value of $11.75 billion for Organon. This includes $3.99 billion in market cap and nearly $8-billion debt of target company. Sun Pharma will finance the deal with its cash of $2-2.5 billion and the remaining through debt, which should increase net debt to EBITDA to 2.3 times of the combined entity versus current -1.44 times (negative due to net cash in balance sheet) f ...