SK Capital sells Apotex to Public market
The listing provides partial liquidity to sponsor SK Capital and funds new drug launches and expansion into Mexico and the Middle East.
Takeaways
- Apotex is a Canadian generic drug manufacturer.
- The target serves pharmaceuticals and consumer health across Canada.
- Disclosed scale includes 6,000+.
Apotex, a Toronto-based manufacturer of generic pharmaceuticals and consumer health products, raised approximately C$1.3 billion in its initial public offering on the Toronto Stock Exchange, pricing 54.17 million shares at C$24 each — the top of the marketed range — with the stock opening at $28, a 17% advance.
The offering provides partial liquidity to New York private equity firm SK Capital, which acquired Apotex in 2022 and will remain a majority shareholder.
Proceeds will support new drug launches and international expansion, including into Mexico and the Middle East.
"The success of the Apotex IPO signals that high-quality Canadian businesses can still access deep public capital markets and provides investors with exposure to a sector very underrepresented on the TSX," said Kevin Burkett, portfolio manager at Victoria-based Burkett Asset Management.
Apotex, founded in 1974, manufactures over 800 products, serves about 70 countries and employs more than 6,000 people.
RBC Capital Markets, TD Securities and Scotiabank were among the underwriters.
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