Canadian generic drug maker Apotex Inc. is considering a potential initial public offering (IPO) for next year, according to sources familiar with the plan.
Canadian drug maker Apotex chooses banks for IPO
RBC Capital Markets, Jefferies Financial Group, and TD Securities are advising on the potential offering, though additional banks may join later. Details regarding the IPO’s size and exact timing are still undecided, and discussions remain private, the sources noted.
Founded in 1974 by Barry Sherman, Apotex grew into one of the largest global producers of generic drugs. Sherman and his wife, Honey, were found dead in their Toronto home in December 2017, in what police determined was a double homicide. At the time, the Shermans had a net worth of approximately C$3.6 billion ($2.6 billion), making them among the wealthiest murder victims in history. Nearly seven years later, their deaths remain an unsolved mystery.
Apotex was acquire by PE firm SK Capital Partners
Apotex was acquired by New York-based private equity firm SK Capital Partners in a deal finalized in 2023, with the company valued between C$3 billion and C$4 billion, according to sources cited by Bloomberg Businessweek. Representatives for RBC, Jefferies, Apotex, and SK Capital either declined to comment or did not immediately respond to requests for comment.
Earlier this year, Apotex expanded its portfolio with the acquisition of Montreal-based Searchlight Pharma Inc., a specialty healthcare company focused on women's health, dermatology, allergy, pain management, and hospital specialties.
