Indian Pharma & Healthcare Sector Saw $3.5 Bn Deals in Q3 2025: Grant Thornton Bharat

Indian pharmaceutical and healthcare sector recorded a total of 72 transactions valued at $3.5 billion in the third quarter ended September this year, according to Grant Thornton Bharat's dealtracker.

This included three IPOs worth $428 million and one QIP worth $88 million, Grant Thornton Bharat said in a statement.

Excluding public market activity, private deals accounted for $3 billion across 68 transactions, marking a sharp rebound in investor appetite, it added.

The surge was driven by seven high value deals worth $2.6 billion, reflecting renewed investor confidence in scale and consolidation plays across pharma, biotech, and hospital segments, and mirroring the sector's strong fundamentals and growth potential.

The standout transaction of the quarter was Torrent Pharma's $1.4 billion acquisition of a 46 % stake in JB Chemicals & Pharmaceuticals, strengthening its position in high-growth therapeutic segments and chronic care markets, it added.

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

The momentum in pharma and biotech, supported by strategic consolidations, signals growing confidence in India's life sciences potential, Kalmath S J noted.

In the mergers and acquisitions (M&A) landscape, activity surged in Q3, recording 36 deals worth $2.5 billion, a 57% rise in volumes over the previous quarter.

On the Private Equity (PE) front, the healthcare and pharmaceutical sector saw 32 deals worth $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, Grant Thornton Bharat said.