Organon (OGN) investor relations material

Executive summary

• Organon entered into a definitive agreement to be acquired by Sun Pharmaceutical Holdings USA, Inc. via a merger, with Organon becoming a wholly owned subsidiary of Sun Pharma USA at $14.00 per share in cash, representing significant premiums to recent trading prices.

• The board unanimously approved the merger, determined it to be in the best interests of shareholders, and recommends voting in favor of both the merger and the related executive compensation proposal.

• The merger is subject to approval by a majority of outstanding shares and regulatory clearances, with closing expected in early 2027.

• Morgan Stanley provided a fairness opinion, concluding the $14.00 per share consideration is fair from a financial point of view.

Voting matters and shareholder proposals

• Shareholders will vote on two proposals: (1) adoption of the merger agreement and (2) a non-binding advisory vote on compensation for named executive officers related to the merger.

• Approval of the merger requires a majority of outstanding shares; abstentions and broker non-votes count as votes against.

• The board recommends voting “FOR” both proposals.

• Shareholders who do not vote in favor and comply with Delaware law may seek appraisal rights.

Board of directors and corporate governance

• The board and a Strategic Alternatives Committee reviewed over 24 indications of interest and strategic alternatives before selecting Sun Pharma’s offer.

• The board considered the premium, certainty of value, and lack of a financing condition as key factors.

• The merger agreement includes customary no-solicitation and matching rights provisions, with exceptions for superior proposals.