For more updates follow Grant Thornton Bharat on WhatsApp

Transaction activity across pharmaceuticals, healthcare delivery, and medical devices reflected focused capital deployment into platforms built for scale, specialisation, and long-term value. The Q3 2025 edition of our Pharma and Healthcare Dealtracker presents a structured view of mergers, acquisitions, private equity, and capital market movements. It highlights sustained interest in formats such as IVF, oncology, and women and child-care, alongside digital health and preventive care. With domestic and outbound deals contributing to sectoral expansion, this publication offers insights into how investment themes are aligning with operational efficiency and differentiated capabilities.
Key insights from the Pharma and Healthcare Dealtracker Q3 2025
The volumes rose by 28% with 72 deals, while values surged 166% to USD 3.5 billion, over Q2 2025 marking the highest values for the year led by large pharma & biotech and hospital transactions. The quarter reflected broad-based investor engagement across the pharma, healthcare, and biotech value chain, with pharma & biotech-led activity accounting for the bulk of total deal values.
M&A witnessed record volumes witnessing 36 deals valued at USD 2.5 billion driven by strong domestic and outbound transactions. Domestic hospital consolidation remained active, focusing on scale and integration.
PE has witnessed a continuous decline over the past three quarters both in volumes and values. Activity was concentrated in health tech, wellness, and pharma services, with continued preference for early and mid-stage deals.
Capital-market activity revived after muted Q2, with three IPOs and one QIP raising over USD 500 million combined, reflecting selective investor appetite for specialty and science-led platforms. IPOs by Anthem Biosciences, Amanta Healthcare, and Anlon Healthcare led the recovery, while Navin Fluorine’s QIP added to overall value.
Investors focused on dialysis, IVF, oncology, and women & child-care, alongside technology-enabled preventive models. The shift toward scalable, patient-centric, and asset-light formats continued.

Our insights
View more