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The economic reforms in India since 1991 have made the competition global to the Indian corporates. The new mantra has become "beat them or join them". Growth has become the fulcrum of every business which have been achieved through corporate mergers and acquisitions (M&As). Synergy is popularly cited as one of the prime reasons for planning M&As. In the Indian pharmaceutical industry, over the past few years companies like Ranbaxy, Wockhardt, Cadila, Matrix, Jubilant etc. have targeted developed markets in their pursuit of growth by making one or more international acquisitions, while others are also scouting for potential targets. In this backdrop, the present study is an attempt to examine the post-merger operating and financial performance of some selected Indian pharmaceutical companies that have gone through the process of M&As during 2000 to 2007 on the basis of some financial parameters in order to observe whether the process of M&As had left any significant impact on thepost-merger operating and financial performance of the acquirers selected in the sample.