India’s pharmaceutical and healthcare industry recorded strong deal momentum in the September quarter (Q3 CY25), with 72 transactions worth ₹30,902 crore (US$ 3.5 billion), according to Grant Thornton Bharat’s Dealtracker. The activity included three IPOs totaling ₹3,779 crore (US$ 428 million) and one QIP worth ₹777 crore (US$ 88 million).
Excluding public market activity, private deals contributed ₹26,487 crore (US$ 3 billion) across 68 transactions—reflecting renewed investor confidence in the sector. The surge was fuelled by seven large-value transactions worth ₹22,955 crore (US$ 2.6 billion), highlighting the sector’s robust fundamentals and growing investor appetite for innovation, scale, and consolidation across pharmaceuticals, biotech, and hospitals.
The standout transaction was Torrent Pharma’s ₹12,361 crore (US$ 1.4 billion) acquisition of a 46% stake in JB Chemicals & Pharmaceuticals, strengthening its position in chronic care and high-growth therapeutic categories.
M&A activity rose sharply to 36 deals worth ₹22,073 crore (US$ 2.5 billion)—a 57% increase in volume compared to the previous quarter. Meanwhile, private equity investments totaled 32 deals valued at ₹3,752 crore (US$ 425 million), with investors favoring early- and mid-stage opportunities in health tech, wellness, and pharma services.
The rebound underscores growing optimism in India’s life sciences ecosystem, driven by consolidation, capability expansion, and innovation-led growth.
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