Drug company Apotex signs deal to buy Montreal-based Searchlight Pharma

Drug company Apotex Inc. has signed a deal to buy Searchlight Pharma Inc. (THE CANADIAN PRESS/Nathan Denette)

Drug company Apotex Inc. has signed a deal to buy Searchlight Pharma Inc.

Financial terms of the transaction were not immediately available.

Apotex chief executive Allan Oberman says Searchlight has a proven track record, deep institutional knowledge and a strong speciality and innovative branded product portfolio.

Under the agreement, Searchlight will become a division of Apotex.

The companies say Searchlight's headquarters will remain based in Montreal and Apotex's operations will expand in Quebec.

The deal is subject to customary regulatory conditions and is expected to close in the second quarter of this year.

-- This report by The Canadian Press was first published April 2, 2024.