Pharma accounts for 88.8% of healthcare M&A value in September 2026: Equirus
Healthcare M&A activity stood at INR 19 billion during the month, while hospitals and healthcare technology led private equity investment
Pharmaceuticals accounted for 88.8 per cent of healthcare M&A activity by value in September 2026, while investment activity in the private equity space was led by hospitals and healthcare technology, according to an Equirus analysis of the healthcare sector.
The healthcare sector saw three major M&A deals in September, with the pharmaceutical sector accounting for the bulk of transaction value during the month.
Pharmaceuticals and biotech accounted for 88.8 per cent of M&A transactions by value in September, followed by healthcare technology at 10 per cent and other segments at 1.2 per cent. For comparison, pharmaceuticals accounted for 71 per cent of M&A transaction value in CY25 and 91.4 per cent in YTD 2026.
Healthcare M&A activity stood at INR 19 billion in September 2026, compared with INR 354 billion in CY25 and INR 1,386 billion in YTD 2026.
The private equity market also remained active, with hospitals and healthcare technology emerging as the key areas of investment during September. The average deal size during the month stood at around INR 2,220 million, while the healthcare sector saw one major PE deal and one VC deal during the period.
“In terms of deal value in the September’26 period, investment in the hospital sector is the highest followed by healthcare technology sector,” the analysis said.
The pharmaceutical segment also witnessed consolidation activity during the month. Anupam Rasayan India acquired a 50.1 per cent controlling stake in Bliss GVS Pharma for about INR 1,750 crore, marking its entry into pharmaceutical formulations.
Separately, RPG Life Sciences acquired the API and intermediates business of Raghava Life Sciences for INR 135 crore through its wholly owned subsidiary RPG Active Pharma. The transaction is expected to expand RPG Life Sciences’ API manufacturing operations product portfolio and scale in pharmaceutical APIs and intermediates.
The healthcare capital markets also remained active. The healthcare and pharma ECM data showed that Symbiotec Pharmaceuticals’ IPO, which opened on September 1, 2026, raised INR 17,570 million and was subscribed 71.3 times, with the stock listing at an initial gain of 0 per cent.
The September healthcare data also comes against a broader backdrop of sustained capital deployment across the sector, with healthcare M&A activity in YTD 2026 standing at INR 1,386 billion and private equity activity at INR 79 billion.