Mergers and acquisitions (M&As) in the health care and pharma space have been on the rise in recent years with private equity players showing interest, and Indian firms opening up to inorganic growth. One of the world's largest independent financial advisory groups, Rothschild & Co (R&Co), has advised on several health care deals in the recent past. R&Co MD SUBHAKANTA BAL talks about emerging trends in a video interview with Sohini Das. Edited excerpts:
How has the health care M&A space shaped up in the last few years?
The Indian health care sector has witnessed strong M&A activity over the last 8-10 years. Over the last four years (2020-2023), the Indian health care sector has witnessed a cumulative M&A deal value of over $33 billion versus nearly $20 billion over 2016-2019. There has been a meaningful increase in average deal value during the same period. With a global team of around 100 bankers dedicated to the health care sector, Rothschild & Co has advised on around 50 deals a year on average in the space. Of this, R&Co has advised on over 15 deals in the health care sector in India in the last seven years, including as advisors to TPG on stake sale in Care Hospitals to Blackstone and to Piramal Enterprises on Carlyle's 20 per cent investment in Piramal.
What kind of multiples are Indian businesses fetching from pharmato health care space?
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