Most roads led to India in 2020 when it came to deals to expand access to COVID-19 therapies, but the challenging year also saw significant private equity interest and there are expectations of more action ahead in the new year.

Gilead is closely evaluating the situation for remdesivir in India as the country tackles shortages of the drug, which has several local licensees, with instances of black marketing adding to the local woes. The US firm clearly will not want any momentum towards possible compulsory licensing as initiated by Hungary and Russia, even as Indian firms have cut prices of the antiviral.

More C-Suite level pharma executives are lending their domain expertise to private equity firms, which then use their skills for commercial due diligence on targets or in an operating partner role in portfolio companies once a deal is sealed. PEs are also increasingly opting for control deals, at least in India, with an aim to run the acquired firm professionally thereon.