Apotex Health Corp. and some of its backers have raised $1.3 billion in an initial public offering on the Toronto Stock Exchange, marking the largest IPO in Canada since 2021. The Canadian generic drug manufacturer priced its shares at $24 each, the high end of the previously announced range of $20 to $24, according to a statement released on Tuesday. This confirmation came after an earlier report by Bloomberg News.
Details of the Offering
In the offering, Apotex sold 35.4 million shares, while selling holders divested approximately 18.8 million shares. The total number of shares was increased on Monday before the final pricing. The IPO is a significant milestone for the Canadian market, where listings have slowed dramatically since a peak of 77 in 2021. Delistings and take-privates have outpaced new offerings, leading to a decline in the number of public companies for the fourth consecutive year in 2025.
Background of Apotex
Apotex was founded in 1974 by Barry Sherman, who built it into one of the world's largest manufacturers of generic drugs. Sherman and his wife, Honey Sherman, were found dead in their Toronto home in December 2017 in what police described as a double homicide. The case remains unsolved. In 2023, the company was sold to New York-based SK Capital Partners, a life-sciences focused investment firm, in a transaction that valued Apotex at between $3 billion and $4 billion, according to sources familiar with the deal.
Banking Syndicate
The offering was underwritten by a syndicate of banks including Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, and Jefferies Financial Group Inc. The shares are expected to begin trading on the Toronto Stock Exchange under the symbol APTX.
The successful IPO highlights investor confidence in the generic drug sector and provides a boost to Canadian capital markets, which have seen a downturn in new listings in recent years.
