What Will Fuel M&A Fire In 2025, Will PE Firms Star In Biggest Deals In India Again?

CRDMOs In Focus Amid China Decoupling

13 Jan 2025

PE firms Advent and Carlyle drove the biggest M&A deals in human and animal pharmaceuticals in India during 2024, a year that also saw Lupin strike deals with Eli Lilly and Boehringer Ingelheim to further its ambitions in the fast-growing diabetes space. Which segments look hot and what are the expected trends for deal making in 2025?

Looking out for M&A deals — What's On The India M&A Deal Horizon In 2025? (Shutterstock)

Mankind Pharma Ltd’s acquisition of Bharat Serums and Vaccines Ltd (BSV) for INR136.3bn ($1.6bn) was without doubt the showstopper in 2024. As private equity (PE) firm Advent profitably exited BSV, the deal left Mankind seeking INR100bn in funds for the global toehold, R&D platform and niche therapy strength offered by the acquired company.

Among therapeutic areas, the highly competitive diabetes segment witnessed a surge in activity, including Lupin Ltd’s acquisition of Eli Lilly and Company’s huminsulin.

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