Shares of Organon (NYSE:OGN) rose 8.4% to $7.49 in premarket trading on Friday after reports indicated that India’s Sun Pharmaceutical Industries is preparing to move forward with a $12 billion binding offer for the company.
According to the Economic Times, Sun Pharma has spent the past three months conducting in-depth due diligence and is now working to finalize its financing arrangements ahead of submitting a formal bid in the coming weeks, citing sources familiar with the situation.
Organon, a company focused on women’s health, did not immediately comment when contacted outside of normal business hours.