Montreal-based healthcare company Searchlight Pharma is being purchased by drug company Apotex.

The financial terms of the deal that's expected to close in the second quarter of this year were not immediately available.

Apotex chief executive Allan Oberman says Searchlight has a proven track record, deep institutional knowledge and a strong portfolio.

The companies say Searchlight's headquarters will stay in Montreal while Apotex's operations will expand in Quebec.

Apotex is owned by SK Capital Partners, which purchased the Toronto company in 2022. It was founded by Barry Sherman, who along with his wife Honey Sherman was killed in their Toronto mansion in 2017.

This report by The Canadian Press was first published April 2, 2024.