India's pharma, healthcare deal values remain resilient at $13.9 bn in Q2 2026
India’s pharma and healthcare sector recorded 65 deals worth $13.9 billion in the second quarter of 2026, a report said on Thursday.
Despite lower activity, overall deal values remained resilient, the report from Grant Thornton Bharat said. Excluding a $11.8 billion deal which was the largest overseas purchase by an Indian pharmaceutical company, overall deal values still rose 12 per cent over the previous quarter.
"The quarter reflects a clear strategic shift in India's pharma and healthcare sector. Indian companies are increasingly pursuing acquisitions that strengthen specialty portfolios, expand global market access and build differentiated capabilities rather than scale alone," said Bhanu Prakash Kalmath S J, Partner and Healthcare Industry Leader, Grant Thornton Bharat.
"Meanwhile, investor interest remains firmly focused on innovation-led healthcare businesses across areas such as AI-enabled care, genomics, oncology and advanced diagnostics. As healthcare delivery and life sciences continue to evolve, we expect strategic acquisitions and targeted investments to remain the key drivers of deal activity," Kalmath added.
Mergers and acquisitions strengthened, with 35 deals worth $13.2 billion as transaction volumes increased 17 per cent quarter on quarter and values reached an all?time high.
Outbound transactions accounted for 96 per cent of total M&A value, highlighting the growing global ambitions of Indian pharmaceutical companies as they expand specialty portfolios, strengthen innovation capabilities and increase their presence in regulated international markets.
Inbound activity also revived with four transactions, while domestic deals continued to account for the majority of M&A volumes.
Public market activity remained steady, with two IPOs raising $58 million and two QIPs raising $161 million.
Sectorally, pharma & biotech led the quarter with 23 deals worth $12.7 billion, driven by strategic acquisitions across specialty pharma, biologics, APIs, established brands and therapeutic portfolios.
