Grant Thornton Bharat Reports: Indian Healthcare Sees Surge with 72 Deals Totaling $3.2 Billion in Q3

The latest report from Grant Thornton Bharat reveals a massive surge in the pharmaceutical and healthcare sectors. During the July-September quarter of this year, there were 72 deals totaling $3.5 billion. This is a significant jump—28% more deals and 166% more value compared to the last quarter.

One standout deal was Torrent Pharma’s acquisition of a 46% stake in JB Chemicals & Pharmaceuticals for $1.4 billion. The third quarter also saw three IPOs totaling $428 million and a Qualified Institutional Placement (QIP) worth $88 million. This marks a clear rebound in investor interest. Private transactions accounted for $3 billion across 68 deals, showing that investors are eager to engage in the market again.

According to Bhanu Prakash Kalmath S J, a Partner and Healthcare Industry Leader at Grant Thornton Bharat, this quarter represents a recovery driven by investments in scale, capability, and innovation. He notes that there’s a growing confidence in India’s life sciences sector, especially as more investors show interest in hospitals and wellness platforms. Kalmath emphasizes that despite global challenges, consistent capital flow shows the resilience of India’s healthcare system.

In terms of mergers and acquisitions (M&A), the quarter recorded 36 deals valued at $2.5 billion, a jump of 57% in the number of deals and a staggering 12.2 times increase in value compared to the previous quarter. Notable transactions include Apollo Hospitals’ acquisition of a 31% stake in Apollo Health & Lifestyle for $43 million and Baby Memorial Hospital’s full acquisition of Meitra Hospital for $136 million.

Outbound activity is also on the rise. Indian companies are looking beyond borders for growth opportunities, with cross-border acquisitions reaching record levels—up 5.3 times from the last quarter. For example, Alidac UK acquired Comfort Click Ltd for $323 million, while Natco Pharma took a 36% stake in Adcock Ingram Holdings for $235 million.

Private equity interest remains strong in health tech and wellness, with a focus on early and mid-stage investments. Investors are particularly keen on high-quality assets in areas like hospitals and digital health platforms. This trend highlights a commitment to scalable solutions that improve healthcare access and delivery.

Overall, the current landscape illustrates a vibrant healthcare sector poised for growth, driven by investor confidence and the potential for innovation. As more stakeholders enter the market, the future looks promising for India’s healthcare industry.

For more details, check out the Grant Thornton Bharat report.

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