Japanese companies still account for the majority of M&A deal value. There was continued upward trend seen in transaction values ranging between $100- $400 million. While most M&As involving APAC-based players targeted pharmaceutical and biological products companies, such as generics and active pharmaceutical ingredient (API) manufacturers, medical devices and equipment firms recently took over as the leading sector targeted for M&A.

The Asia-Pacific pharmaceutical market, which although relatively smaller in scale is witnessing double digit growth, thus offering significant room for consolidation. The APAC market is being driven by multinationals from the US and Europe, who are seeking and participating in market growth by geographically expanding into the region.