.NEW DELHI: The domestic pharma and healthcare sector recorded 65 transactions totalling nearly $14 billion in Q2 2026, with deal activity moderating to a four-quarter low as transaction volumes declined 17% quarter-on-quarter, according to Grant Thornton Bharat's latest Pharma and Healthcare Dealtracker. Overall deal values remained resilient, led by Sun Pharma’s $11.8 billion acquisition of US firm, Organon, the largest overseas acquisition by an Indian pharma company, says a company statement. Excluding this transaction, overall deal values still increased 12% over the previous quarter, reflecting healthy underlying investment activity across the sector.M&A activity reached an all-time high of $13.2 billion, driven by Sun Pharma’s acquisition. Outbound transactions accounted for 96% of total M&A value, reflecting the increasing global ambitions of Indian pharma companies through strategic acquisitions.PE/VC activity moderated during the quarter, with 26 deals worth $444 million, as deal volumes declined 42% while values remained broadly stable.Bhanu Prakash Kalmath S J, Partner and Healthcare Industry Leader, Grant Thornton Bharat, said: ``Indian companies are increasingly pursuing acquisitions that strengthen specialty portfolios, expand global market access and build differentiated capabilities rather than scale alone. At the same time, investor interest remains firmly focused on innovation-led healthcare businesses across areas such as AI-enabled care, genomics, oncology and advanced diagnostics’’.