Indian pharma and healthcare sector logs USD 3.5 bn deals in Q3 2025

The Indian pharmaceutical and healthcare sector saw 72 transactions worth USD 3.5 billion in the third quarter of 2025, according to Grant Thornton Bharat’s latest Dealtracker report.

The total included three IPOs amounting to USD 428 million and one qualified institutional placement (QIP) worth USD 88 million. Excluding public market deals, private transactions contributed USD 3 billion across 68 deals, indicating a rebound in investor interest, the report said.

Seven large transactions worth USD 2.6 billion drove the surge, reflecting renewed confidence in scale and consolidation across pharmaceuticals, biotechnology, and hospital segments.

The quarter’s biggest deal was Torrent Pharmaceuticals’ USD 1.4 billion acquisition of a 46% stake in JB Chemicals & Pharmaceuticals, strengthening its presence in chronic care and high-growth therapeutic areas.

“Q3 marked a resurgence in deal activity, driven by a healthy mix of scale, capability, and innovation-led investments,” said Bhanu Prakash Kalmath S J, Partner and Healthcare Industry Leader, Grant Thornton Bharat.

He added that the momentum in pharma and biotech, supported by strategic consolidations, highlights growing investor confidence in India’s life sciences sector.

Mergers and acquisitions recorded 36 deals valued at USD 2.5 billion — a 57% rise in volumes from the previous quarter. Private equity activity saw 32 deals worth USD 425 million, reflecting a slight decline in both volumes (3%) and values (27%) from Q2 2025.

Grant Thornton Bharat noted that investors continued to focus on health tech, wellness, and pharma services, with early- and mid-stage investments leading activity.