Sun Pharmaceutical Industries Ltd. agreed to acquire New York-listed women’s health-care company Organon & Co., in what is likely to be one of the biggest India outbound deals in years.

Sun Pharma will pay $14 per Organon share in cash, giving the company an enterprise valuation of $11.75 billion, according to a statement on Monday. Sun Pharma plans to fund the acquisition through a combination of available cash resources and committed financing from banks.