Sun Pharmaceuticals, the largest pharmaceutical company in India has just announced a deal that places it firmly on the global stage. It is to now figure among the top 25 global pharmaceutical companies with combined revenue of US$ 12.4 billion post the deal to acquire New Jersey-headquartered global healthcare company Organon. A quick back-of-the-envelope calculations by analysts and pharma gurus show the following: ~$8.6B debt at $1.9B EBITDA is 4.5x leverage — it is high but manageable for an established-brands business with strong cash conversion, says a healthcare veteran who does not wish to be named.