New Delhi, Oct. 9 -- Dealmaking in India's pharma sector has surged over the past two years as companies seek to beef up their portfolios and reduce reliance on the US market. Yet, some of the country's largest drugmakers with billions in cash are holding back.

Sun Pharmaceutical Industries Ltd, Cipla Ltd, and Dr Reddy's Laboratories Ltd that have a strong US focus are striking fewer acquisitions and partnerships as they look for new markets, according to industry experts. On the other hand, pharma companies with a strong India focus have ramped up their dealmaking.

In July, Torrent Pharmaceuticals Ltd acquired a 46.39% stake in Mumbai-based JB Chemicals and Pharmaceuticals Ltd for Rs.11,917 crore. In October last year, Mankind Pharma L...