At ~11x trailing EBITDA, Sun's $13bn bid for Organon sits at the bottom of the India pharma comp set — half of what Mankind paid for Bharat Serums and well below Torrent-JBCP at 25x. The headline multiple looks cheap. It isn't. Organon comes with $8.6bn of MSD-inherited debt, a shrinking revenue base, and an integration challenge that financial sponsors can't price. This is a strategic buyer's deal at a strategic buyer's multiple — and Sun is the only bidder equipped to actua