Canadian pharmaceutical company, Apotex Inc., and Searchlight Pharma Inc., one of Canada's fastest-growing companies, have announced an agreement with Apotex set to acquire Searchlight.

Searchlight, known as a private Canadian specialty and innovative branded pharmaceutical company with a global footprint, has garnered recognition for its excellence in search, acquisition, commercialization, and focused development of specialty branded healthcare products.

Apotex, leveraging its Canadian presence in adjacent sectors for nearly five decades, solidifies its commitment to expansion with this acquisition. Building upon its recent transaction with Harrow, Inc., for exclusive rights to certain branded ophthalmic products, Apotex aims to become the preferred partner for pharmaceutical licensing and acquisition opportunities across the Americas.

Allan Oberman, President and Chief Executive Officer at Apotex, expressed enthusiasm about the acquisition, stating, "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."

The acquisition is expected to accelerate Apotex's growth within the specialty branded pharmaceutical market, adding a diverse portfolio of over 60 products and a full-service branded pharmaceutical platform, along with established business development networks in Canada and internationally.

Mark Nawacki, President, and Chief Executive Officer of Searchlight, echoed optimism about the partnership, saying, "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."

The transaction's closing is contingent upon customary regulatory conditions and is anticipated to be finalized in the second quarter of 2024. Following the transaction's completion, Searchlight's headquarters will continue to be based in Montreal, with Apotex's operations expanding within the province of Quebec.

Financial advisory services for Apotex are being provided by Deutsche Bank Securities Inc., with legal counsel from Goodmans LLP. Bloom Burton Securities Inc. is advising Searchlight on financial matters, with legal counsel from Davies Ward Phillips and Vineberg.