Apotex targeting $1B in IPO shares
Drug maker to list on Toronto Stock Exchange with share pricing between $20 and $24 each.
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Drug company Apotex Health Corp. is moving toward a public offering, planning to sell roughly $1 billion worth of shares on the Toronto Stock Exchange.
The company expects to offer between 41.7 million and 50 million shares priced between $20 and $24 per share. The plan includes a treasury offering of 35.4 to 42.5 million shares valued at about $850 million, plus a secondary offering of 6.25 to 7.5 million shares by existing shareholders valued at roughly $150 million.
Underwriters have also been granted an over-allotment option for an additional 6.25 to 7.5 million shares at the offering price. Apotex manufactures generic drugs and consumer health products and has been a major player in Canada's pharmaceutical sector.