Apotex explores sale; Perrigo looks at selling its prescription business for US$ 2.5 billion

By PharmaCompass

2019-04-11

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More than a year after the murder of its founder Barry Sherman and his wife Honey in their Toronto home, Canadian drugmaker Apotex is exploring a sale. Some major pharmaceutical companies and investors have evinced interest in buying Apotex, a Bloomberg news report said.

After the incident, members of the Sherman family have been managing the business while having a financial advisor on its board. Apotex is exploring a partial or full sale of its Canadian operations that could fetch around US$ 3 billion.

Apotex has been battling turbulent times since the murder of the Shermans. In early 2018, the company’s CEO at the time, Jeremy Desai, had to step down amid allegations from Teva that he had stolen the Israeli drugmaker’s trade secrets through his girlfriend Barinder Sandhu. Soon after, the company hired 25-year company veteran Jeremy Watson to serve as CEO.

In July 2018, Apotex sold its commercial operations in five European countries to Aurobindo Pharma for US$ 83.2 million (€ 74 million).

Meanwhile, Ireland-headquartered Perrigo Company Plc has received offers from financial investors — Apollo Global Management LLC and CVC Capital Partners — for its prescription pharmaceutical business for a price tag of over US$ 2.5 billion.

In August 2018, Perrigo had announced its plans to separate its prescription pharmaceuticals business to increase focus on its generic drugs and consumer businesses.

Perrigo’s prescription pharmaceuticals business consists of ‘extended topicals’ medications to treat ailments at more affordable prices. The diversified portfolio includes topical generic medicines in multiple dosage forms, including creams, foams, mousses, gels, liquids and inhalable products.

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