Apotex Inc., a Canadian manufacturer of generic pharmaceuticals, is reported to be planning an initial public offering in Toronto in the first half of the year that could raise up to C$1 billion, roughly $730 million. Sources familiar with the situation told Bloomberg the potential offering could mark the largest Canadian IPO since 2021.
Advisory roles on the proposed transaction have been assigned to RBC Capital Markets, Jefferies Financial Group and TD Securities, according to those same people. The advisers are assisting with preparations for the potential public listing, though the company has not finalized the timing or the amount it will seek to raise.
Those close to the process emphasized that no final decisions have been taken on the deal's structure, timing or exact size. The plans remain fluid and could change prior to a formal offering, the people said.
The company was taken private in 2023 through a sale to SK Capital Partners, a life-sciences focused investment firm based in New York. That transaction valued Apotex in the range of C$3 billion to C$4 billion, according to people with knowledge of the sale.
The proposal to return to public markets and the involvement of established corporate finance advisers signal preparatory work toward a public equity offering, but the lack of definitive decisions underlines that the contemplated IPO is not yet certain. Observers should expect further announcements only if and when the company and its advisers settle on concrete terms and a timetable.
Contextual note - The firm is identified in public reporting as a producer of generic medications and was previously acquired by a private investment firm in 2023. The potential IPO size and adviser lineup were described by people familiar with the matter; those people also said that the plans remain subject to change.