India, July 23 -- image credit- freepik

India's pharma and healthcare sector recorded 65 deals worth $13.9 billion in Q2 2026, with deal activity moderating to a four-quarter low as transaction volumes declined 17% quarter on quarter, according to Grant Thornton Bharat's latest Pharma and Healthcare Dealtracker.

Despite lower activity, overall deal values remained resilient, led by Sun Pharmaceutical Industries' $11.8 billion acquisition of Organon & Co., the largest overseas acquisition by an Indian pharmaceutical company.

Excluding this transaction, overall deal values still increased 12% over the previous quarter, reflecting healthy underlying investment activity and continued strategic interest across the sector.

M&A activity stre...