Pharma deal activity hits four-quarter low, but mega Sun Pharma acquisition drives value

India's pharma and healthcare sector recorded 65 deals worth $13.9 billion in Q2 CY2026, with volumes falling 17% quarter-on-quarter to a four-quarter low, Grant Thornton Bharat said. Sun Pharma's $11.8 billion Organon acquisition drove deal values, while investors continued backing AI-led healthcare, genomics, oncology and precision medicine ventures.