Indian drug companies are increasingly looking overseas for growth, with acquisitions picking up and set to rise further as they seek to move beyond their reliance on generics and build stronger, more diverse businesses.
This trend comes amid global challenges witnessed over the past two years, including US tariff threats, price erosion in the generics market and a major shift by pharma companies towards biologics. These factors are collectively pushing Indian firms to explore new growth opportunities.
In a major hurdle for pharma firms, US President issued an executive order on 2 April, which imposes 100% tariffs on branded pharmaceuticals imported into the United States unless manufacturers agree to government pricing agreements or commit to producing their products domestically.
Even as deal activity rises, most Indian pharma companies are expected to focus on smaller, strategic acquisitions rather than big-ticket deals, experts told Mint earlier. Meanwhile, innovation and new technologies are the key drivers of this increase in activity.
M&A deals in pharma sector over the last few months
— Sun Pharmaceutical Industries: The Mumbai-based company, one of the largest in the pharma sector, announced on Monday that it has entered into a definitive agreement to acquire US-listed women’s healthcare company .
Sun Pharma said it will acquire 100% of Organon’s outstanding equity at an enterprise value of $11.75 billion, according to an exchange filing. The deal is aimed at driving long-term value creation and leveraging complementary portfolios to strengthen its position in the market.
— Zydus Lifesciences: Ahmedabad-based Zydus Lifesciences is reportedly eyeing an acquisition of a majority stake in US-based biopharmaceutical firm Ardelyx Inc., with the deal likely to be valued at $2.2-2.5 billion, Mint reported earlier, citing two people aware of the development.
The proposed transaction would be funded through a ₹5,000-crore equity raise via a qualified institutional placement (QIP) and internal cash accruals, the people said. If the deal goes through, it could significantly accelerate Zydus’ presence in the global innovative medicine space, a segment attracting growing interest from Indian drugmakers.
— Intas Pharmaceuticals: In August last year, Intas completed the purchase of the Udenyca franchise from Coherus BioSciences in a deal valued at $558.4 million, according to a company release.
Intas acquired the biosimilar drug from California-based Coherus Life Sciences in December 2024. Udenyca is a biosimilar to Neulasta or Pegfilgrastim, which is used to treat side effects of radiation therapy in cancer patients, such as recurrent infections.
— Natco Pharma: The Hyderabad-based pharma company announced the acquisition of a 35.75% stake in South Africa’s Adcock Ingram Holdings in July 2025. The deal was valued at about $226 million.
The deal aimed to enable the Indian generic drug maker to expand its strategic footprint in South Africa, which the company viewed as an entry to the broader African continent, according to Moneycontrol.
— Lupin: The Mumbai-based company announced in September that it has signed a definitive agreement for the acquisition of VISUfarma B.V. in the Netherlands from GHO Capital Partners for €190 million.
The acquisition was finally completed three weeks back, representing a significant milestone in Lupin’s strategy to expand its speciality care portfolio and strengthen its presence in Europe.
— Aurobindo Pharma: The Hyderabad-based firm was in the running to acquire Prague-based generic drugmaker from Advent International for $5-5.5 billion, before the company was eventually sold to private equity firm GTCR.
GTCR acquired Zentiva in a deal valued at €4.1 billion ($4.8 billion). The US-based buyout firm outbid rival private equity players and pharmaceutical companies, emerging as the frontrunner to buy Zentiva from Advent International, according to a report by CNBC.