In 2004 the corresponding figure was $155 million.
Analysts say Indian companies are leveraging their cost competitiveness in sourcing bulk drugs and easy access to funds like never before.
The aim is to tap overseas markets, expand the geographical reach and enhance the intellectual property portfolio needed to survive in the post-patent era.
"The high price-earnings values of pharma companies and cost arbitrage opportunity are behind this strong performance," said Sanjiv Kaul, ChrysCapital managing director.
With Indian stock markets at an all time high, the market capitalisation of Indian firms has shot through the roof, increasing the leverage of their equity.
The total worth of overseas acquisitions for this year has been buoyed by the single biggest overseas acquisition
Dr Reddy's takeover of Roche's API (active pharmaceutical ingredients) unit in Mexico and Ranbaxy's acquisition of Spanish Efarmes SA were also notable.
Even smaller companies like Jubilant Organosys, Torrent and Dishman Pharma pierced the national boundaries this year. "Indian companies now have global ambitions. Some of them have reached a scale where they have to grow inorganically to keep pace with rivals," said D S Brar, chairman, GVK Biosciences.
WestBridge Capital Partners' managing director, Sandeep Singhal, views this an attempt by Indian companies as "a move to the next level".
Acquisitions also provide the shortest route to market access. A front end (marketing) in the West and back end (manufacturing bulk drugs and formulations or research) in India make good business sense.
Moreover, as Kaul points out, "'size matters in the generics industry, which is like any other commodity space." In a rapidly consolidating industry, the companies that do not attain the critical size will be left behind.
