Pharma and Healthcare Dealtracker: Q2 2026

Deal activity moderated to a four-quarter low with volumes declining 17% q-o-q. However, overall value remained resilient, supported by Sun Pharma's landmark USD 11.8 billion acquisition of Organon, reflecting the growing appetite of Indian pharmaceutical companies for large-scale strategic acquisitions.

M&A volumes increased 17% q-o-q to their highest level in the last four quarters, while values reached an all-time high. Outbound transactions accounted for 96% of total M&A value, led by Sun Pharma's acquisition of Organon, underscoring the increasing global ambitions of Indian life sciences companies as they seek to expand product portfolios, strengthen innovation capabilities, and access international markets.

PE volumes declined 42% q-o-q (45 → 26), while values remained broadly stable (down by 3% q-o-q). Nearly 89% of PE deals with disclosed values were below USD 50 million, indicating continued investor preference for smaller, targeted growth investments.

Public market activity remained steady in terms of deal count, though values declined 58% q-o-q as the previous quarter's larger issuances were not repeated. Fundraising was led by Krishna Institute of Medical Sciences' USD 156 million QIP and Sai Parenteral's USD 44 million IPO, demonstrating continued investor interest in established healthcare and pharmaceutical businesses with strong growth prospects. with strong growth prospects.