Pharmaceuticals Acquisitions in Canada

Endo, Inc. completed the divestiture of its International Pharmaceuticals business—primarily operated through Canada-based specialty pharmaceutical company Paladin Pharma Inc.—to Knight Therapeutics Inc. The transaction includes total cash consideration of up to approximately $105 million, consisting of about $79 million paid at closing, about $11 million in permitted holdbacks, and up to $15 million in milestone-contingent future payments.

Avista Healthcare Partners completed its acquisition of Trillium Health Care Products, a contract development and manufacturing organization (CDMO) focused on branded over-the-counter (OTC) products in North America. Trillium was acquired from private equity firm New Water Capital, with terms not disclosed. Trillium is headquartered in Brockville, Ontario, Canada.

Agilent Technologies Inc. signed and completed the acquisition of BIOVECTRA Inc., a Canada-based contract development and manufacturing organization (CDMO), for $925 million. BIOVECTRA, previously owned by H.I.G. Capital, adds biologics, sterile fill-finish, pDNA/mRNA, and lipid nanoparticle formulation capabilities to Agilent’s CDMO offering and will operate within Agilent’s Diagnostics and Genomics Group.

LSL Pharma Group Inc. completed the acquisition of Virage Santé, a Lévis, Quebec-based manufacturer and marketer of natural health products. The all-cash deal was valued at $2.5 million and includes an 8,000 sq ft manufacturing plant, expanding LSL Pharma’s contract development and manufacturing capabilities and creating synergies with its subsidiary LSL Laboratory Inc.

Aterian Investment Partners, through an affiliate, has closed the acquisition of Contract Pharmaceuticals Limited Canada (CPL), a North American contract development and manufacturing organization (CDMO) specializing in non-sterile liquid and semi-solid dosage forms. Headquartered in Mississauga, Ontario, CPL provides development, manufacturing, packaging, and testing services for prescription and regulated OTC pharmaceutical products sold globally. Aterian plans to support CPL’s next phase of growth through investment in people, technology, and processes.

Apotex Inc. completed its acquisition of Searchlight Pharma Inc., a Canadian specialty and innovative branded pharmaceutical company headquartered in Montreal. Searchlight will operate as Apotex’s Specialty Pharma Division and is intended to serve as a platform for expanding Apotex’s branded pharmaceuticals business across the Americas.

Otsuka Pharmaceutical Co., Ltd., through its wholly owned subsidiary Otsuka America, Inc., entered into a definitive arrangement agreement to acquire all outstanding shares of Mindset Pharma Inc. in an all-cash transaction valued at approximately CAD $80 million. Mindset shareholders will receive CAD $0.75 per share, and the transaction is expected to close around October 19, 2023, subject to customary approvals including shareholder and court approval.

Norwell Consumer Healthcare Inc. entered into a definitive agreement with Boyd Pharmaceuticals to acquire Boyd’s portfolio of assets in Canada. Through the transaction, Norwell will take ownership of the Colace, Colace Glycerin, Dequadin, Allenburys, and Gelusil brands in Canada, expanding its OTC consumer healthcare portfolio.

Apotex Pharmaceutical Holdings Inc. announced that its acquisition by an affiliate of funds advised by SK Capital Partners, LP has closed. Following the transaction, pharmaceutical executive Allan Oberman was appointed President and CEO to help transform Apotex into a Canadian-based global health company.

Sunshine Biopharma Inc. completed the acquisition of all outstanding shares of Nora Pharma Inc., making Nora Pharma a wholly owned subsidiary effective immediately. The deal, valued at CAD $30 million, was paid using a combination of cash, Sunshine Biopharma common stock, and an earn-out, expanding Sunshine’s presence in generic prescription drugs and biosimilars.

ARCHIMED, through its MED III fund, is leading a recapitalization of Corealis Pharma alongside fellow investor Caisse de dépôt et placement du Québec (CDPQ). Founders and management are reinvesting and retaining a significant stake, with the transaction intended to accelerate Corealis’ growth through expanded laboratories and GMP-compliant manufacturing capacity.

ANJAC Health & Beauty (ANJAC) announced it has acquired Pillar5 Pharma, a Canadian CDMO specializing in sterile ophthalmic solutions and niche solid-dose manufacturing. The deal strengthens ANJAC’s North American footprint and expands its pharmaceutical/ophthalmology capabilities, including multi-dose preservative-free manufacturing.

Juno Pharmaceuticals Corp received a strategic growth equity investment from Signet Healthcare Partners. Juno plans to use the proceeds to expand its complex generic and biosimilar portfolio and accelerate growth in the Canadian market.

PCI Pharma Services announced the acquisition of Bellwyck Pharma Services, a Toronto-headquartered provider of clinical trial and commercial drug packaging, labeling, and supply chain solutions. The deal expands PCI’s global clinical trial services footprint, adding four GMP-compliant facilities and strengthening presence in Canada and continental Europe (including Germany).

Rubicon Research Private Limited acquired Impopharma Canada Limited as part of its strategy to build a global pharmaceutical development network. Impopharma’s Ontario-based facility in Concord (near Toronto) will serve as Rubicon’s nasal and pulmonary development Center of Excellence, and Impopharma Canada has been merged into Rubicon Research Canada Limited.

H.I.G. Capital announced that one of its affiliates has completed the acquisition of BioVectra Inc., a contract development and manufacturing organization (CDMO) focused on active pharmaceutical ingredients and intermediates. BioVectra serves global pharmaceutical and biotech customers with cGMP outsourcing solutions and operates facilities in Charlottetown, Prince Edward Island and Windsor, Nova Scotia, Canada.

Hammond, Kennedy, Whitney & Company, Inc. (HKW) closed the recapitalization of GMD Distribution Inc. and Ophthalmic Direct LP on March 24, 2015. GMD, headquartered in Oakville, Ontario, Canada, distributes pharmaceuticals—specializing in specialty ophthalmic pharmaceuticals—to clinics and pharmacies across Canada.