Business

Drug company Apotex formerly owned by Barry Sherman agrees to takeover

Apotex Pharmaceutical Holdings Inc. has signed a deal to be acquired by U.S. private equity investment firm SK Capital Partners.

Billionaire founder was found dead in his home in 2018

Workers wearing protective masks wait to receive doses of a COVID-19 vaccine at an Apotex Inc. facility in Toronto last year. (Cole Burston/Bloomberg)

Apotex Pharmaceutical Holdings Inc. has signed a deal to be acquired by U.S. private equity investment firm SK Capital Partners.

Financial terms of the agreement were not immediately available.

Apotex, a maker of generic drugs, was founded by Canadian billionaire Barry Sherman, who controlled the company until his highly publicized death in his home, alongside his wife Honey, in 2017.

Aaron Davenport, managing director at SK Capital, says 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.

Apotex employs nearly 8,000 people around the world in manufacturing, research and development and commercial operations.

It operates in more than 45 countries, with a significant presence in Canada, the United States, Mexico and India.

The deal is subject to customary regulatory conditions.

With files from CBC News

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