Sun Pharma Plans ₹15,000 Crore NCD Issue, Board Meeting Set for October 12

Sun Pharmaceutical Industries is preparing to hold a board meeting on October 12, 2026, where it will consider the approval of a significant financial move involving the issuance of non-convertible debentures (NCDs) worth up to ₹15,000 crore. This capital raise aims to support the company’s bridge loan taken out to finance its recent acquisition of the US healthcare firm Organon & Co.

The proposed debenture issuance will be structured as listed, rated, unsecured, and redeemable instruments. It will be executed through a private placement, potentially in multiple tranches, with the total amount capped at ₹15,000 crore. This move was disclosed in a regulatory filing by Sun Pharma on Wednesday.

This announcement follows several media reports suggesting that Sun Pharma intends to raise rupee-denominated debt to partly repay the bridge loan secured earlier this year. According to a Reuters report citing three unnamed sources, the bridge loan amounts to nearly $12 billion and has an 18-month tenure. The syndication for this loan included State Bank of India, the country's largest lender by assets, among other financial institutions.

Sun Pharma is recognized as India’s largest pharmaceutical company by market capitalization, and its recent acquisition of Organon marks a strategic expansion into the global healthcare sector. The Organon deal significantly broadens Sun Pharma’s product portfolio and geographic reach, particularly in the US market.

In addition to this financial development, Sun Pharma has recently entered into an exclusive agreement with US-based LIB Therapeutics. This partnership grants Sun Pharma the rights to manufacture, commercialize, and globally license lerodalcibep outside of the United States and China. Lerodalcibep is a monthly PCSK9 inhibitor prescribed to lower low-density lipoprotein cholesterol (LDL-C) in adults suffering from hypercholesterolemia and mixed dyslipidemia.

PCSK9 inhibitors represent a cutting-edge class of drugs that reduce LDL cholesterol by blocking the PCSK9 protein, which plays a role in cholesterol metabolism. Under the terms of the agreement, LIB Therapeutics will receive upfront payments, milestone-based compensation, and royalties tied to net sales within the licensed territories.

Recently, the European Commission granted marketing authorization for lerodalcibep under the brand name Lyrokaul on September 21, 2026. In the United States, the Food and Drug Administration (FDA) approved the drug under the brand name Lerochol. This deal enables Sun Pharma to strengthen its portfolio in innovative medicines and positions it to access a $3.7 billion PCSK9 market outside the US and China. The market segment is growing rapidly at an annual rate of 38%. Europe alone accounted for $2.9 billion in sales for this class of drugs as of the twelve months ending in the second quarter of 2026.

Sun Pharma’s financial performance for the June quarter reflected steady growth, with consolidated net profit rising by 27% to ₹2,894.79 crore. The company’s consolidated revenue from operations increased to ₹15,299.88 crore, compared to ₹13,851.4 crore in the same period the previous year.

This planned NCD issuance and the recent licensing deal illustrate Sun Pharma’s ongoing efforts to expand its global footprint and diversify its product offerings. The pharmaceutical industry worldwide is witnessing significant innovation and consolidation, with companies looking to strengthen their pipelines and financial positions amid evolving market demands.

Investors are advised to consult certified financial advisors before making any investment decisions related to Sun Pharma’s planned debt issuance or other strategic initiatives.

About the Author
Ksheera Sagar has been a Market Research Analyst at LiveMint for over four years, focusing on stocks, commodities, and financial markets. With more than a decade of experience in financial services, including a tenure at J.P. Morgan, he brings deep expertise in equity research and market analysis. Ksheera is known for his clear and data-driven reporting style, breaking down complex financial trends into accessible insights. Outside of work, he enjoys playing the piano, traveling, and following global economic developments.