The Indian pharmaceutical sector is keeping the M&A fire burning with six deals concluded last month, up from eight in the January-March period.
The list includes Jubilant Organosys' $255m acquisition of US-based DRAXIS Health and the $218m buyout of Dabur Pharma by Fresenius Kabi.
Indian companies are expected to continue scouting for overseas assets although interest in generic formulations appears to be waning. Outbound deals are expected to be mainly in contract research, personal care, medical equipment and pharmacy chains.
This view is supported by some of the latest deals. Two of Dr Reddy's acquisitions were in contract research and manufacturing, one from BASF and the other from DowPharma.