Led by Torrent Pharma’s $1.4 billion acquisition of 46% stake in JB Chemicals & Pharmaceuticals, the July-September quarter of the current year saw a total of 72 transactions valued at $ 3.5 billion, up 28% in volumes and 166% in value quarter-on-quarter, says the latest update of Grant Thornton Bharat’s Pharma and Healthcare Dealtracker.

The robust deal momentum in the sector in the third quarter of 2025 included three IPOs totalling $428 million and one QIP totalling $88 million. Excluding public market activity, private deals accounted for $3 billion across 68 transactions, marking a sharp rebound in investor appetite, the deal tracker notes. 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 reflecting the sector’s strong fundamentals and growth potential, it said.

“Q3 marked a resurgence in deal activity, driven by a healthy mix of scale, capability, and innovation-led investments. The momentum in pharma and biotech, supported by strategic consolidations, signals growing confidence in India’s life sciences potential”, Bhanu Prakash Kalmath S J, Partner and Healthcare Industry Leader, Grant Thornton Bharat, said. He also points out that continued investor interest in hospitals, single-speciality formats, and wellness platforms highlights the sector’s evolution toward clinical excellence, wider reach, specialisation, and technology-led consumer-centric care. “Despite global uncertainties, the sustained flow of capital reflects the long-term resilience and structural growth of India’s healthcare ecosystem”, Kalmath said.

On the mergers and acquisitions (M&A) front, the quarter saw 36 deals worth $2.5 billion, a 57% increase in volume and a 12.2x increase in value over the previous quarter. In addition to Torrent, Apollo Hospitals Enterprise’s 31% stake in Apollo Health & Lifestyle for $43 million and Baby Memorial Hospital’s 100% Acquisition in Premium Medical & Healthcare Providers-Meitra Hospital for $136 million stood out.

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. Alidac UK’s 100% Acquisition of Comfort Click Ltd and its subsidiaries for $323 million was one such outbound investment, while Natco Pharma’s 36% stake in Adcock Ingram Holdings Ltd for $235 million was another.

Meanwhile, private equity (PE) 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, the deal tracker notes.