Barely two weeks apart, domestic drugmakers inked two major overseas transactions in the US.Sun Pharmaceuticals formalised an agreement for a $12 billion (₹1,14,000 crore) buy of Organon, whose product basket includes women’s health and biosimilar products, besides a presence in China. The transaction is the largest in the domestic pharmaceutical industry and among the top grossers for India Inc, as well.Days later, Zydus Pharma announced its $166.4 million (close to ₹1,600 crore) deal for speciality company Assertio Holdings, bolstering its presence in the cancer medicines segment.Industry watchers hark back to last July when Glenmark Pharma, through its subsidiary, inked an outlicensing deal for its prospective cancer molecule to US company AbbVie, for $700 million (about ₹6,000 crore) — marking a first for the Indian pharmaceutical sector.An eventful 10 months for local drugmakers, say experts, signalling a well-planned leap into the manufacture of complex and innovative drug products. More could be in the offing, as companies say they have the cash to support their ambition for a larger global play. This strategy also helps companies derisk supplies, as governments across the world look to ensure continuous supply of medicines through manufacturing facilities closer to their geographies. The last few years have bared the risk of supply disruptions — first due to a pandemic, and now a war.Appetite for riskSuresh Subramanian, National Lifesciences Leader with consulting firm EY-Parthenon India, says, “The risk appetite is increasing for Indian pharma to place their bets on global acquisitions as a growth strategy” — this is visible across large, not-so-big and medium-size companies.