Apotex's growth continues with a 2023 acquisition and possible IPO plans underway
Canadian generic drug manufacturer Apotex Inc. is reportedly considering an initial public offering (IPO) next year, as per sources cited by BNN Bloomberg.
The Toronto-based company, which ranks among the largest global producers of generic drugs, has retained RBC Capital Markets, Jefferies Financial Group, and TD Securities as advisers for the deal, according to individuals familiar with the matter.
These sources, who spoke on condition of anonymity due to the private nature of the discussions, indicated that no final decisions have been made regarding the exact timing or size of the IPO, and additional banks may later join the advisory lineup.
TD and Jefferies representatives declined to comment on the potential IPO, while RBC and Apotex spokespersons did not immediately respond to requests for comment.
Founded in 1974 by Barry Sherman, Apotex became a prominent entity in the pharmaceutical sector.
However, in December 2017, Barry Sherman and his wife, Honey Sherman, were found dead in their Toronto residence in what authorities classified as a double homicide.
At the time, the Shermans held a combined net worth of approximately $3.6bn, making them among the wealthiest individuals to be murdered. The case remains unsolved nearly seven years after their deaths.
In 2023, Apotex was acquired by New York-based private equity firm SK Capital Partners, in a transaction reportedly valued between $3bn and $4bn.
This information was disclosed by Bloomberg Businessweek last year, citing sources with knowledge of the transaction. SK Capital declined to comment on inquiries from Bloomberg News.
Most recently, Apotex expanded its portfolio by acquiring Montreal-based Searchlight Pharma Inc., a specialty health-care company.
Searchlight Pharma’s products target therapeutic areas such as women’s health, dermatology, allergy, pain management, and hospital specialty markets.
