MAM
Cricket Australia loses sponsorship row against ICC
MUMBAI: Cricket Australia (CA) has lost its battle to retain a long-term corporate backer as a team sponsor for the World Cup.
Despite CA’s drawn-out fight to keep Travelex, who has supported the squad on overseas tours since 2001, the ICC decided the company was in conflict with the World Cup partners Visa and Scotia Bank.
The ICC’s Disputes Resolution Committee ruled in favour of the game’s governing body in the sponsorship dispute.
The Committee, made up of the Honourable Michael Beloff QC (chairman), the Honourable Justice Albie Sachs and Oliver Stocken, was appointed to resolve the earlier mentioned issue concerning the forthcoming ICC Cricket World Cup 2007.
The event sponsors Visa and Scotia Bank had been appointed by the ICC’s media rights partner, the Global Cricket Corporation (GCC) which is owned by News International Limited, and had been notified to all teams in June 2006.
Cricket Australia had asked for the matter to be referred to the Disputes Resolution Committee, which carefully considered all the contracts and correspondence. It found that the ICC’s refusal to approve TPL in order to protect the interests of GCC and/or the official event sponsors was correct in all the circumstances.
The Australian cricket team will now use Emirates Airlines as their team sponsor for next month’s World Cup
ICC CEO Malcolm Speed said, “The ICC is extremely pleased that this matter has been resolved ahead of the forthcoming ICC Cricket World Cup.
“The decision of the Disputes Resolution Committee creates an important precedent for future ICC events and, going forward, it will ensure that the position is clear for all stakeholders.”
CA CEO James Sutherland says, “We are disappointed that the ICC committee ruled against us. We believe we put forward a very strong case but, unfortunately, the committee decided otherwise.”
Brands
Sun Pharma to acquire Organon in $11.75 billion deal at $14 per share
Acquisition to create $12.4 billion pharma giant with global scale and biosimilars push
MUMBAI: Sun Pharmaceutical Industries Limited has signed a definitive agreement to acquire Organon & Co. in an all-cash deal valued at $11.75 billion, marking one of the largest cross-border pharma acquisitions by an Indian firm.
Under the terms of the agreement, Organon shareholders will receive $14.00 per share in cash, with Sun Pharma set to acquire 100 per cent of the company’s outstanding shares. The transaction, approved by the boards of both companies, is expected to close in early 2027, subject to regulatory approvals and shareholder consent.
The deal significantly expands Sun Pharma’s global footprint and strengthens its position across women’s health, biosimilars, and branded generics. The combined entity is projected to generate revenues of around $12.4 billion, placing it among the top 25 pharmaceutical companies globally.
Organon, which was spun off from Merck in 2021, brings a portfolio of over 70 products spanning women’s health and general medicines, with operations across more than 140 countries. Its established presence in key markets such as the US, Europe, and China complements Sun Pharma’s existing strengths and growth ambitions.
Sun Pharmaceutical Industries Limited executive chairman Dilip Shanghvi said, “This transaction represents a significant opportunity for Sun Pharma to build on its vision of reaching people and touching lives. Organon’s portfolio, capabilities and global reach are highly complementary to our own.”
Sun Pharmaceutical Industries Limited managing director Kirti Ganorkar added, “This transaction is a logical next step in strengthening Sun Pharma’s global business. Together, we will become a partner of choice for acquiring and launching new products.”
From Organon’s side, Organon & Co. executive chair Carrie Cox noted, “This all-cash transaction offers compelling and immediate value to Organon stockholders, while positioning the business for continued growth under Sun Pharma.”
Strategically, the acquisition gives Sun Pharma entry into the global biosimilars space as a top 10 player and strengthens its innovative medicines portfolio, which is expected to contribute around 27 per cent of combined revenues. The deal is also expected to nearly double EBITDA and cash flow, supporting long-term deleveraging and investment capacity.
Sun Pharma plans to fund the acquisition through a mix of internal accruals and committed financing from global banks, while maintaining focus on disciplined integration and operational continuity post-merger.
If completed as planned, the deal signals a clear shift in India’s pharmaceutical ambitions, from scale at home to leadership on the global stage, with Sun Pharma positioning itself as a more diversified and innovation-led healthcare powerhouse.
