India Pharma, Healthcare Deals Jump 166% In Q3 2025: Grant Thornton

India’s pharma and healthcare sector witnessed robust deal momentum in Q3 2025, recording a total of 72 transactions valued at USD 3.5 billion, up 28% in volumes and 166% in value quarter on quarter, according

to the Grant Thornton report.

Excluding public market activity, private deals accounted for USD 3 billion across 68 transactions, marking a sharp rebound in investor appetite. The surge was driven by seven high value deals worth USD 2.6 billion, the report added.

The surge reflects the sector’s strong fundamentals spanning pharma, biotech and hospital segments.

Mergers and Acquisitions (M&A) landscape

The Grant Thornton report reported M&A activity surged in Q3, recording 36 deals worth USD 2.5 billion, a 57% rise in volumes and a remarkable 12.2x jump in value over the previous quarter. The surge was led by domestic consolidation, which accounted for 73% of total deal value, reflecting sustained interest in scale and integration across hospital networks and pharma portfolios.

The standout transaction of the quarter was Torrent Pharma’s USD 1.4 billion acquisition of a 46% stake in JB Chemicals & Pharmaceuticals, strengthening its position in high-growth therapeutic segments and chronic care markets. Outbound activity also hit record highs, increasing 5.3x over the last quarter as Indian players accelerated cross-border acquisitions in pharma, hospitals, and medical devices to build global capabilities and diversify portfolios.

Private Equity 

PE in the healthcare and pharmaceutical sector saw 32 deals worth USD 425 million in Q3 2025, reflecting a 3% decline in volumes and a 27% drop in values compared with the previous quarter. Activity remained focused on health tech, wellness, and pharma services, with a clear preference for early and mid-stage investments. Investors continued to prioritise high-quality operating assets in hospitals, medical devices, and pharma services, alongside digital health and affordable access models, highlighting a sustained emphasis on scalable, outcome-driven platforms.

Initial Public Offering (IPO) & Qualified Institution Placements (QIP) 

Public market activity rebounded in Q3 2025, with three IPOs raising USD 428 million and one QIP worth USD 88 million, together exceeding USD 500 million, the Grant Thornton report added.

The quarter reflected selective investor interest in specialty and science-led platforms, led by IPOs from Anthem Biosciences, Amanta Healthcare, and Anlon Healthcare, while Navin Fluorine’s QIP contributed to the overall capital raised, signalling renewed confidence in the sector.