Apotex turned a $147 million loss into a $374 million profit before filing for a public offering
Apotex Health Corp. swung from a $147m net loss in fiscal 2024 to a $373.8m profit in fiscal 2026, and now the generic drugmaker wants to go public.
The Toronto-based company filed a preliminary prospectus Thursday for an initial public offering on the Toronto Stock Exchange under the ticker APTX.
The number of shares and the price have not yet been determined, The Canadian Press reported.
Bloomberg reported in February the company had been targeting between $750m and $1bn in proceeds.
At the top of that range, the offering would be Canada's largest market debut since Definity Financial Corp. raised roughly $1.6bn in November 2021.
According to Bloomberg, the offering will include treasury shares and a secondary offering by controlling shareholder SK Capital Partners, which acquired Apotex in 2023 in a deal valuing the company at between $3bn and $4bn.
Apotex plans to use the treasury-share proceeds to repay a fully drawn $800m term loan, part of $2.9bn in total debt as of March 31.
Revenue reached $3.5bn for the fiscal year ended March 31, up from $2.9bn the prior year, according to the preliminary prospectus as cited by Bloomberg.
Earlier this month, Apotex became the first Canadian-based company to launch a generic version of semaglutide in Canada after Health Canada approved its Apo-Semaglutide Injection on May 1 as a pharmaceutically equivalent alternative to Novo Nordisk's Ozempic.
The Logic said Generic weight-loss drugs are expected to be a significant revenue opportunity for manufacturers like Apotex
The same outlet also reported that Apotex shifted its strategy toward profitability in 2018, following the unsolved killing of founder Barry Sherman, who built the company into one of the world's largest generic drug manufacturers after founding it in 1974.
Sherman and his wife Honey were found dead in their Toronto home in December 2017 in what police described as a double homicide, according to Bloomberg.
The case remains unsolved.
RBC Capital Markets, TD Securities, and Bank of Nova Scotia are co-lead managers and joint lead bookrunners, with BMO Capital Markets and Jefferies Securities serving as joint bookrunners.
