India’s Sun Pharmaceutical Industries has agreed to acquire U.S.-listed healthcare company Organon in a deal valuing the company at $11.75 billion, putting the Indian drugmaker on track to become one of the top three global players in women’s health. Sun Pharma has offered to pay $14.00 a share for New Jersey-based Organon in an all-cash deal, the two companies said in a joint statement late Sunday. Upon completion, Sun Pharma said the acquisition will make it one of the seven largest players in the global market for biosimilars. The company, which specializes in generics and is one of the biggest pharma names in India by market cap, will fund the deal through a combination of internal cash resources and financing from banks. Sun Pharma’s medicines portfolio includes products in dermatology, ophthalmology and oncodermatology and accounts for about 20% of company sales. Its global revenue stands at $6.2 billion. Organon—formed through a spinoff from Merck—has a portfolio of more than 70 products across women’s health and general medicines, including biosimilars, commercialized across 140 countries. The company’s 2025 revenue was $6.2 billion, and adjusted earnings before interest, tax, depreciation and amortization were $1.9 billion.
Organon had debt of $8.6 billion and a cash balance of $574 million as of the end of 2025.
The transaction, which has been approved by the boards of both firms, is subject to closing conditions, including approvals from regulators and Organon stockholders.

On Friday, the SMI fell 0.6 percent to 13,170 points. The day’s top performer was Nestlé, which had already shown strong gains the previous day. Shares of the food giant rose another 1.5 percent following the strong quarterly results reported the day before. Close behind were Holcim, up 1.3 percent, and Holcim’s U.S. subsidiary Amrize, up 1.1 percent. The building materials group Holcim started the new year with profitable organic growth and saw its profit rise by 8.3 percent, outpacing revenue growth. The annual targets announced at the end of February were confirmed. At the bottom of the SMI table was Kühne+Nagel, which had been firm in recent days, down 4.3 percent. While profit exceeded the consensus estimate, revenue fell short of it. In the second tier, Temenos stabilized after the sharp decline the previous day and closed trading almost unchanged. Better-than-expected financial results from SAP likely provided some support for the enterprise software specialist’s stock. Semiconductor stock Inficon soared 6.3 percent. Inficon had reported strong quarterly results and raised its outlook.

Europe
European stock markets lost ground on Friday, weighed down by geopolitical uncertainties in the Middle East, while investors closely watched a new round of corporate earnings reports. The Stoxx Europe 600 index closed down 0.6% at 610.65 points, bringing its weekly losses to 2.5%. In Paris, the CAC 40 and the SBF 120 each fell 0.8%. Meanwhile, the DAX 40 dropped 0.1% in Frankfurt and the FTSE 100 slipped 0.75% in London. SAINT-GOBAIN (-0.6%): The building materials manufacturer confirmed its margin target for 2026 after reporting a decline in first-quarter revenue due to lower activity in the Americas region. SEB (+6.9%): The small household appliance specialist reported a slight increase in revenue at constant exchange rates in the first quarter and a 42% rise in operating profit to €72 million. SPIE (+6.4%): The electrical and mechanical engineering company confirmed on Friday that it expects its key financial indicators to improve this year, despite an organic decline in production in the first quarter due in particular to weather conditions in Germany and Central Europe. VALEO (-4.3%): The automotive supplier upheld its 2026 targets, while its revenue stood at €5.1 billion in the first quarter, down 3.6% compared to the same period in 2025.

United States
A breakneck rally in shares of Intel powered the S&P 500 and Nasdaq to fresh records on Friday, with investors looking past geopolitical tensions to double down on tech stocks. Intel soared 24%, clinching its first record since the height of the dot-com boom in 2000, after the chip maker reported higher sales and ravenous demand from data centers for its central processing units, or CPUs. The climb boosted the tech-heavy Nasdaq 1.6% to its fifth all-time high of the year. The S&P 500 rose 0.8% to notch its ninth record of 2026. The Dow Jones Industrial Average, which dropped a then-struggling Intel from its ranks in 2024, fell 0.2%. Intel’s blockbuster results are the latest entrant in a robust earnings season that has helped carry markets through the volatility spurred by the war in Iran. Companies in the S&P 500 are expected to record a first-quarter earnings growth rate of 15.1%, which would mark the sixth-straight quarter of double-digit growth, according to FactSet. The S&P logged a weekly gain of 0.5%, while the Nasdaq advanced 1.5%. Both indexes registered their fourth consecutive week of gains. The Dow fell 0.4% for the week. Investor enthusiasm for tech extended across the chip sector, carrying the PHLX semiconductor index to its 18th straight gain, its longest winning streak on record, according to Dow Jones Market Data. The index has climbed 47% in that run. MaxLinear skyrocketed 76%, its largest percentage increase on record. Advanced Micro Devices jumped 14%, giving the company a market value above $500 billion for the first time. Nvidia gained 4.3%, clinching its first new all-time high since October.

Asia
In Asia, major indexes broadly closed with gains on Monday—with indices in Japan and South Korea hitting record highs. Japan’s Nikkei 225 is climbing 1.9 percent to 60,841 points, reaching a record high—driven by technology stocks. Nomura Holdings is plunging 5.3 percent following disappointing earnings. South Korea’s KOSPI jumped to an all-time high as well, advancing 2.7 percent. In the technology sector, heavyweight SK Hynix rose 7.5 percent to a record high, while Samsung Electronics edged up 2.3 percent. In China, the indices lagged behind; the Shanghai Composite gained 0.2 percent, and the HSI in Hong Kong also added 0.2 percent. In Taiwan, Taiwan Semiconductor Manufacturing jumped 6.2 percent, reaching an all-time high.

Bonds
U.S. government debt yields edged lower on Friday. The yield on the 2-year note, which often rises and falls with investors’ expectations for short-term rates set by the central bank, declined to 3.775% from 3.824% the prior session. The yield on the benchmark 10-year note fell to 4.308% from 4.323%.

Analysis
Target price for Nestlé: Berenberg upgrades to CHF 100 (99) – Buy
Target price for Galderma: Citigroup upgrades to CHF 185 (165) – Buy
Target price for Temenos: Berenberg upgrades to CHF 100 (95) – Buy

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