India's Pharma & Healthcare Deals Hit $1.3B in Q2 2025

India's pharmaceutical and healthcare industry saw 57 deals worth $1.3 billion in IPO and Qualified Institutional Placement (QIP) deal activity in the quarter ending June 2025, based on a report by Grant Thornton Bharat. This represented a 20% fall in the number of deals and a significant 50% fall in deal value from the immediate previous quarter.

Apart from public market action, the industry recorded 56 transactions with a value of $788 million, down 16% in volumes and 62% in value. Notwithstanding the slowdown, the industry accounted for 10% volumes and 6% values.

The report does not include the Torrent Pharma–JB Chemicals deal late June, in which Torrent is buying a 46.39% stake in JB Chemicals for ?11,917 crore ($1.4 billion).

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Pharma and biotech streams dominated in value terms on the back of huge capital raisings like Biocon's $523 million QIP and cross-border strategic M&A. Hospital platforms, on the other hand, fueled consolidation through multispecialty behemoths and regional expansion by niche players.

HealthTech, Diagnostics, and Wellness collectively contributed to almost half of Q2 deal volumes, evidencing persistent investor interest in digital and preventive care paradigms.

M&A activity remained flat at 23 deals, but deal value fell by 86% quarter-on-quarter due mainly to fewer high-value deals, and 74% of the deals remaining not disclosed in value. Emcure's purchase of Zuventus for $84 million was the largest disclosed M&A deal.

Private equity activity posted 33 deals totaling $580 million, topped by General Catalyst's $218 million acquisition of PB Healthcare and Advent International's $175 million investment in Felix Pharma.