Canada’s Apotex Health, a leading generic drugmaker, has filed to hold an initial public offering (IPO).
The Toronto-based company has a portfolio of generic drugs and consumer health products, along with operations in Canada, the U.S., Mexico, and India.
In a statement, the company said that it has applied to list shares on the Toronto Stock Exchange.
The exact date of the IPO and the initial price of the shares have not yet been determined. But Apotex would be the most significant IPO for the Toronto Stock Exchange in several years.
Media reports say that Apotex is likely to have a $10-billion valuation when it goes public, which would make it a sizable market debut for a Canadian company.
Founded in 1974, the company is the largest producer of generic drugs in Canada, with annual sales of $2.5 billion.
Apotex currently employs about 8,000 people and sells some 300 prescription drugs in 115 countries worldwide.
The company’s generic drugs help to treat diseases and health conditions such as cancer, diabetes, high cholesterol, and blood pressure, among others.
Apotex has also achieved a degree of infamy after company founder Barry Sherman and his wife Honey were found murdered in their Toronto home in 2017. The crime has never been solved.
Canada’s IPO market has experienced a drought since 2021. Last year, the Toronto Stock Exchange saw only two companies go public and list shares on its exchange.
