News

• Combination will create a Canadian Health Champion spanning generic, biosimilar and branded pharmaceuticals
• Searchlight Pharma to become a division of Apotex and serve as its platform for expansion and growth of branded pharmaceuticals across the Americas

TORONTO and MONTRÉAL, April 2, 2024 /CNW/ - Canada's largest pharmaceutical company, Apotex Inc. ("Apotex") and Searchlight Pharma Inc. ("Searchlight"), one of Canada's fastest growing companies, announced today that they have reached an agreement whereby Apotex will acquire Searchlight.  

Searchlight is a private, top-growth Canadian specialty and innovative branded pharmaceutical company with global reach that executes best-in-class search, acquisition, commercialization, and focused development of innovative and unique specialty branded healthcare products.

For nearly five decades, Apotex has leveraged its strong Canadian footprint into adjacent verticals, and building on its recent transaction with Harrow, Inc. for the exclusive rights to certain branded ophthalmic products, with the addition of Searchlight, is positioned to become the partner of choice for pharmaceutical licensing and acquisition opportunities in the Americas. The acquisition further accelerates Apotex's growth within the specialty branded pharmaceutical market, adding a diverse portfolio of over 60 products and a full-service branded pharmaceutical platform, as well as established business development networks in Canada and internationally.

"Searchlight has an experienced and proven track record as one of Canada's fastest-growing companies with deep institutional knowledge across a range of domestic and international markets and a strong specialty and innovative branded product portfolio," said Allan Oberman, President and Chief Executive Officer at Apotex. "This acquisition is a strategic complement to Apotex's leading market position in generic and biosimilar pharmaceuticals, in alignment with our ongoing focus to expand into the high-value, innovative branded pharmaceuticals sector. We look forward to working with Searchlight's talented team as we plan the integration of our companies and a seamless transition for patients, customers and employees."

Mark Nawacki, Searchlight's President and Chief Executive Officer continued, "For the past decade, Searchlight has successfully pursued its branded pharmaceutical growth strategy by providing dependability and value to Canadian patients and healthcare professionals. Thinking forward to an ambitious future, we know that Apotex is the right partner for Searchlight given our shared purpose of providing access to innovative medicines that improve people's lives. We are confident and excited that joining forces to create a Canadian pharmaceutical champion and global health company will harness a combined passion, scale and talent that will accelerate our plans."

Closing of the transaction is subject to the satisfaction of customary regulatory conditions and expected to occur in the second quarter of 2024. Following close of the transaction, Searchlight's headquarters will remain based in Montreal and Apotex's operations will expand within the province of Quebec.

Deutsche Bank Securities Inc. is serving as financial advisor to Apotex and Goodmans LLP is serving as legal counsel. Bloom Burton Securities Inc. is serving as financial advisor to Searchlight, and Davies Ward Phillips & Vineberg is serving as legal counsel.