Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeNewsDrugmaker Apotex files for IPO showing revenue jumpApotex’s revenue for the year ended March 31 was $3.5 billionAuthor of the article:Last updated 59 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.Apotex applied to list on the Toronto Stock Exchange under the symbol APTX. Photo by Cole Burston/BloombergCanadian generic drugmaker Apotex Health Corp. filed for an initial public offering in Toronto, it said in a statement on Thursday.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe share sale will include the company’s treasury shares and a secondary offering including holdings of controlling shareholder SK Capital Partners. Apotex applied to list on the Toronto Stock Exchange under the symbol APTX.In February, Bloomberg News reported the Toronto-based firm is seeking to raise between $750 million and $1 billion in the offering. The top of that range would make it Canada’s largest market debut since Definity Financial Corp. raised about $1.6 billion in late 2021.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againApotex’s revenue for the year ended March 31 was $3.5 billion, according to its preliminary prospectus, and its net income was $374 million. That’s up from revenue of $2.9 billion and a net loss of $147 million in the 2024 fiscal year.Apotex had $2.9 billion in debt under a series of credit facilities as of March 31. One of those is a term loan for $800 million, which the company said is fully drawn. Apotex plans to use the net proceeds of the treasury-share sale IPO to repay that loan, it said, and will receive no proceeds itself from the secondary offering.The company is one of two pharmaceutical firms that were approved by Health Canada in recent weeks to make generic versions of Novo Nordisk A/S’s Ozempic, the blockbuster diabetes drug. Earlier this month, it became the first to launch generic semaglutide in Canada.RBC Capital Markets, TD Securities and Bank of Nova Scotia are co-lead managers, joint global coordinators and joint lead bookrunners on the Apotex IPO, while BMO Capital Markets and Jefferies Securities are joint bookrunners.Apotex was founded in 1974 by Barry Sherman, who built the company into one of the world’s largest manufacturers of generic drugs. Sherman and his wife were found dead in their Toronto home in 2017 in what police described as a double homicide. The case is still unsolved.With assistance from Geoffrey Morgan and Christine Dobby Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.