Apotex could fetch up to $3 billion as sources suggest sale on the cards

According to sources close to the matter, Apotex is considering a full or partial sale of its business after appointing a financial adviser to review its options, Bloomberg reported. The people said that while sale considerations are preliminary and no final decision has been made, a sale of the whole of Apotex could fetch about $3 billion.

The sources suggested that a number of large drugmakers, as well as investors, have expressed an interest in Apotex. The company declined to comment on the matter.

Apotex is controlled by the family of late founder Bernard Sherman, who died in 2017. Shortly afterwards, CEO Jeremy Desai stepped down "to pursue other opportunities," with the executive succeeded by Jack Kay. However, Kay was replaced in the position earlier this year by Jeff Watson.

Meanwhile, in 2018, Apotex agreed to sell its commercial operations and certain supporting infrastructure in five European countries to Aurobindo Pharma for about 74 million euros ($83 million), with the transaction closing earlier this year.

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