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Noah Zivitz

Managing Editor, BNN Bloomberg


Apotex Pharmaceuticals Holdings Inc., the Canadian generic pharmaceuticals giant that was founded by Barry Sherman in 1974, has agreed to a takeover.

In a release Wednesday morning, SK Capital Partners LP said it struck a deal to buy Apotex. Terms were not disclosed, and the companies said the transaction is subject to regulatory approvals.

“We are excited to work with SK Capital, whose industry expertise and resources will help grow our leadership in the market and maintain our focus on improving access to high-quality affordable medicines for millions of patients worldwide,” said Apotex president and Chief Executive Officer Jeff Watson in the release.

Sherman, along with his wife Honey, were found dead in their Toronto home in December 2017. Toronto police identified a suspect in the murders last December but have yet to make any arrests in the case.

Bloomberg News reported in November 2021 that Apotex was exploring a sale. Given that Apotex is privately owned, financials are not readily available. Based on sources, Bloomberg reported that Apotex was posting about US$400 million in annual earnings before interest, taxes, depreciation, and amortization. The reporting indicated that Apotex could be valued at “several billion dollars” in a sale.

“Apotex is a dynamic, entrepreneurial company with a strong track record of success, underpinned by its diversified product portfolio, robust pipeline of
new launches and iconic brand. We feel incredibly privileged to have the opportunity to support Apotex with our deep experience in the pharmaceutical sector,” said SK Capital managing director Aaron Davenport in the release Wednesday.

SK Capital is a New York-based private equity firm that focuses on the pharma, specialty materials, and specialty chemicals industries. It says it has US$6.6 billion in assets under management.

According to the release, Rothschild & Co. was Apotex’s financial advisor on the deal, while Davies Ward Phillips & Vineberg was legal counsel.