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Pharma deals soaring, but top drugmakers hold back
Mint Mumbai
|October 09, 2025
Dealmaking in India’s pharma sector has surged over the past two years as companies seek to beef up their portfolios and reduce reliance on the US market.
Yet, some of the largest drugmakers with billions in cash are holding back.
Sun Pharmaceutical Industries Ltd, Cipla Ltd and Dr Reddy's Laboratories Ltd that have a strong US focus are striking fewer acquisitions and partnerships as they look for new markets, according to industry experts. On the other hand, pharma companies with a strong India focus have ramped up their dealmaking.
In July, Torrent Pharmaceuticals Ltd acquired a 46.39% in Mumbai-based JB Chemicals and Pharmaceuticals Ltd for %11,917 crore. In October last year, Mankind Pharma Ltd bought Bengaluru-based Bharat Serums and Vaccines Ltd for 213,768 crore.
Sun Pharma, Cipla, and Dr Reddy's—which derive 30-45% of their revenue from selling mostly copycat or generic drugs to the US—are employing a more measured approach even as they sit on large piles of cash. Torrent and Mankind earn 51-55% of their business from India.
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