Healthcare company Piramal Healthcare on Tuesday announced acquisition of US-based Minrad International for Rs 188 crore, thus, re-emphasising the possibility of increased M&A activities in a mature pharma market like the US.

With a bid to acquire a 100 per cent stake in US based Minrad International and with a promise of almost a $100 million worth of sales, the Piramal Group is set to become one of the top three global companies in the critical care space.

Generic inhalation anesthetics drug maker Minrad, which had been making losses to the tune of $25 million this year, will provide Piramal Group to enter the US market for sevoflurane.

" Minrad International had put in a lot of money into putting their infrastructure in place but then they ran out of funding," said Ajay Piramal, chairman, Piramal Group.

While the Piramal's acquisition comes with the complete confidence of turning around the acquired company, others in the US market continue to see funding issues and cash rich Indian companies may be on the prowl.

As small pharma companies in the US increasingly find it difficult to find funding, they may be up for grabs and make a strategic fix for companies that have a strong presence in certain niche segments like in biotech.

And with valuations coming down significantly, cash rich companies like Alembic and Lupin Pharma have not ruled out the possibility.

"We continue to look at acquisitions in markets where we can make an impact. On the branded side in pediatrics, we are looking to build beyond Suprax," said Vinita Gupta, president and CEO, Lupin Pharmaceuticals.

With the emphasis on the Western European market having diminished because of generic pressures, it is possible that all eyes are now looking at smaller US based companies who having invested heavily in building infrastructure in a bull market, now need a helping hand as their economy decelerates.