India’s pharma and healthcare sector witnessed 65 deals amounting to $13.9 billion in the second quarter of 2026, as per a report by Grant Thornton Bharat. Despite a decrease in activity, the overall deal values remained strong, with a notable $11.8 billion deal marking the largest overseas acquisition by an Indian pharmaceutical firm. This quarter showcased a strategic shift in the sector, focusing on enhancing specialty portfolios and global market access rather than sheer scale.
Bhanu Prakash Kalmath S J, Partner and Healthcare Industry Leader at Grant Thornton Bharat, highlighted the trend of Indian companies pursuing acquisitions to bolster specialized capabilities. The sector saw a surge in mergers and acquisitions, totaling 35 deals valued at $13.2 billion, indicating a 17% increase in transaction volumes from the previous quarter. Outbound transactions dominated, showcasing Indian firms’ global aspirations and innovation drive.
The report also noted a revival in inbound activity with four transactions, while domestic deals continued to dominate the M&A landscape. Public market activities remained stable, with two IPOs raising $58 million and two QIPs raising $161 million. Pharma & biotech emerged as the leading sector in the quarter, with 23 deals worth $12.7 billion, fueled by strategic acquisitions in various segments like specialty pharma, biologics, APIs, and therapeutic portfolios.
