Tracked deals
27
27 tracked deals across 2019-2026.
Who's Buying Pharmaceuticals Companies in Canada
Buyer mix
Mixed buyer set
18 strategic · 8 pe
Top trend
Volume peaked in 2024
8 tracked deals announced in 2024.
Primary Insight
What Stands Out
- Strategic repositioning and commercialization show up in deals like SK Capital Partners’ multi-year reorientation of Apotex Health Corp., ending in an IPO in June 2026.
- Capability build-outs are a recurring thread: acquisitions of CDMOs/CROs include Agilent Technologies (BIOVECTRA) and HEALWELL AI (BioPharma Services).
- Specialty and branded expansion appears in steps such as Apotex Inc. integrating Searchlight Pharma Inc. into a Specialty Pharma Division with a multi-category product portfolio.
- Geographic clustering is visible across major Canadian hubs, including Ontario, Quebec, British Columbia, and Prince Edward Island, with multiple deals tied to Ontario/Quebec.
- Several transactions describe regulatory/closing mechanics typical for pharmaceuticals and healthcare assets (e.g., court approvals and customary conditions for certain statutory arrangements).
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Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| ANJAC Health & Beauty | 1 | French family-owned industrial group that develops and ma... | Family Office |
| ARCHIMED | 1 | Transatlantic private equity firm focused exclusively on ... | PE |
| Aceto | 1 | Global provider and distributor of specialty materials an... | Strategic |
| Agilent Technologies Inc. | 1 | Global provider of analytical and clinical laboratory tec... | Strategic |
| Apotex Inc. | 1 | Canadian-based global health company producing generic, b... | Strategic (PE-backed) |
| Aterian Investment Partners | 1 | Private equity firm investing in middle-market businesses... | PE |
| Avista Healthcare Partners | 1 | New York‑based private equity firm focused on growth‑orie... | PE |
| Bonafide Health | 1 | Consumer women's health company focused on evidence-based... | Strategic |
| Caisse de dépôt et placement du Québec (CDPQ) | 1 | Québec’s large public pension fund and global institution... | Investor |
| Cosette Pharmaceuticals, Inc. | 1 | U.S.-based specialty pharmaceutical company focused on wo... | Strategic (PE-backed) |
Acquisition Volume in Pharmaceuticals in Canada by Year
Last 8 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
- Buyer
- SK Capital Partners
- Target
- Apotex Health Corp.
- Seller
- Sherman estate
- Industry
- Pharmaceuticals
- Location
- Canada
- Type
- Recapitalization
SK Capital Partners acquired control of Apotex from the Sherman estate in 2023, then reoriented the business with cost cuts, geographic focus, and portfolio acquisitions (including biosimilars and specialty drugs). Over the following three years, SK Capital and the Sherman family completed a debt-heavy leveraged buyout and extracted roughly $2 billion via dividends and share repurchases, culminating in Apotex’s IPO in June 2026.
-
October 9, 2025
- Buyer
- XenoTherapeutics Inc.
- Target
- ESSA Pharma Inc.
- Industry
- Pharmaceuticals
- Location
- British Columbia, Canada
- Type
- Buyout
ESSA Pharma Inc.’s securityholders approved the acquisition of all issued and outstanding common shares of ESSA by XenoTherapeutics Inc. via a statutory plan of arrangement. The transaction is subject to Supreme Court of British Columbia approval and other customary closing conditions, with an expected court hearing on October 7, 2025 and completion around October 9, 2025.
-
June 17, 2025
- Buyer
- Knight Therapeutics Inc.
- Target
- Paladin Pharma Inc., International Pharmaceuticals business (Endo, Inc.)
- Seller
- Endo, Inc.
- Industry
- Pharmaceuticals
- Location
- Quebec, Canada
- Type
- Divestiture
Knight Therapeutics has completed the acquisition of Endo's International Pharmaceuticals business, primarily operated through Canada-based Paladin Pharma Inc. The divestiture closed for up to approximately $105 million in cash (about $79 million at closing, ~$11 million in permitted holdbacks and up to $15 million contingent on milestones).
-
- Buyer
- Avista Healthcare Partners
- Target
- Trillium Health Care Products
- Seller
- New Water Capital
- Industry
- Pharmaceuticals
- Location
- Ontario, Canada
- Type
- Buyout
Avista Healthcare Partners has completed the acquisition of Trillium Health Care Products, a Brockville, Ontario-based CDMO specializing in branded over‑the‑counter (OTC) products, from New Water Capital. Avista plans to invest in Trillium’s growth, expand its footprint and capabilities, and use the business as a consumer‑healthcare platform for potential strategic add‑on acquisitions.
-
July 22, 2024
- Buyer
- Agilent Technologies Inc.
- Target
- BIOVECTRA Inc.
- Seller
- H.I.G. Capital
- Industry
- Pharmaceuticals
- Location
- Prince Edward Island, Canada
- Type
- Buyout
Agilent Technologies has acquired BIOVECTRA, a Canada-based contract development and manufacturing organization (CDMO), for $925 million. The acquisition — a purchase from H.I.G. Capital — expands Agilent's CDMO capabilities across biologics, HPAPIs, pDNA/mRNA and LNP formulation, and integrates BIOVECTRA into Agilent's Diagnostics and Genomics Group.
-
- Buyer
- HEALWELL AI Inc.
- Target
- BioPharma Services Inc.
- Seller
- Think Research Corporation
- Industry
- Pharmaceuticals
- Location
- Ontario, Canada
- Type
- Divestiture
HEALWELL AI Inc. (TSX: AIDX) has acquired BioPharma Services Inc., a Toronto-based contract research organization (CRO), from Think Research Corporation. The acquisition expands HEALWELL's clinical research capabilities by integrating BioPharma's Phase 1/2a and bioequivalence trial expertise with HEALWELL's AI, patient databases and clinic network.
-
June 18, 2024
- Buyer
- LSL Pharma Group Inc.
- Target
- Virage Santé Inc.
- Industry
- Pharmaceuticals
- Location
- Quebec, Canada
- Type
- Buyout
LSL Pharma Group Inc. (TSXV: LSL) has completed the acquisition of Virage Santé Inc., a Lévis, Quebec-based manufacturer of natural health products, for $2.5 million in cash. The deal includes an 8,000 sq ft manufacturing plant and is expected to expand LSL's contract development and manufacturing capabilities, boosting the group's revenues by an estimated 15-20% and broadening its client base.
-
- Buyer
- Aterian Investment Partners
- Target
- Contract Pharmaceuticals Limited
- Industry
- Pharmaceuticals
- Location
- Ontario, Canada
- Type
- Buyout
Aterian Investment Partners, through an affiliate, has acquired Contract Pharmaceuticals Limited (CPL), a Mississauga-based CDMO specializing in non-sterile liquid and semi-solid pharmaceutical and OTC products. Aterian said it will invest in people, technology and processes to support CPL's next phase of growth and further strengthen its position serving global pharmaceutical customers.
-
April 2, 2024
- Buyer
- Apotex Inc.
- Target
- Searchlight Pharma Inc.
- Industry
- Pharmaceuticals
- Location
- Quebec, Canada
- Type
- Buyout
Apotex Inc. has completed the acquisition of Montreal-based Searchlight Pharma Inc., integrating Searchlight as Apotex's Specialty Pharma Division to expand its branded and specialty pharmaceutical capabilities. The deal adds Searchlight's portfolio of more than 60 products across women's health, dermatology, allergy, pain management and hospital specialty markets, and strengthens Apotex's commercial footprint in Quebec and across the Americas.
-
March 19, 2024
- Buyer
- Curaleaf Holdings, Inc.
- Target
- Northern Green Canada Inc.
- Industry
- Pharmaceuticals
- Location
- Ontario, Canada
- Type
- Buyout
Curaleaf Holdings, Inc. has signed a deal to acquire Northern Green Canada, an EU-GMP certified Canadian licensed cannabis producer, to secure high-quality indoor EU-GMP flower supply and bolster Curaleaf's European and Australasian expansion. The acquisition is expected to close in Q2 2024 pending regulatory approvals and will strengthen Curaleaf's supply chain for key markets including Germany, Australia/New Zealand and the U.K.
-
March 5, 2024
- Buyer
- Telix Pharmaceuticals Limited
- Target
- ARTMS Inc.
- Industry
- Pharmaceuticals
- Location
- British Columbia, Canada
- Type
- Buyout
Telix Pharmaceuticals Limited has completed the acquisition of ARTMS Inc., a Burnaby, British Columbia-based developer of cyclotron-based isotope production technology and the QUANTM Irradiation System (QIS). The deal strengthens Telix's vertical integration and supply-chain control for key diagnostic and therapeutic radioisotopes (including 89Zr, 68Ga, 99mTc and 64Cu) to support its commercial products and pipeline.
-
- Buyer
- Norwell Consumer Healthcare Inc.
- Target
- Boyd Pharmaceuticals
- Seller
- Boyd Pharmaceuticals
- Industry
- Pharmaceuticals
- Location
- Canada
- Type
- Divestiture
Norwell Consumer Healthcare Inc. has entered a definitive agreement to acquire a portfolio of assets from Boyd Pharmaceuticals, including the Colace, Colace Glycerin, Dequadin, Allenburys and Gelusil brands in Canada. The asset purchase strengthens Norwell's gastroenterology and cough & cold portfolio and supports accelerated growth of its consumer OTC business.
-
- Buyer
- Cosette Pharmaceuticals, Inc.
- Target
- Intrarosa (global commercial rights)
- Seller
- Endoceutics, Inc.
- Industry
- Pharmaceuticals
- Location
- Quebec, Canada
- Type
- Divestiture
Cosette Pharmaceuticals has acquired the global commercial rights to Intrarosa from Endoceutics, Inc., including issued and pending patents protecting the product. The acquisition strengthens Cosette's women's health portfolio and expands its global footprint through existing distribution partners and planned Asian launches in 2025.
-
- Buyer
- SK Capital Partners, LP (affiliate of funds)
- Target
- Apotex Pharmaceutical Holdings Inc.
- Industry
- Pharmaceuticals
- Location
- Ontario, Canada
- Type
- Buyout
An affiliate of funds advised by SK Capital Partners has acquired Apotex Pharmaceutical Holdings Inc. The acquisition closed on April 3, 2023.
-
April 1, 2023
- Buyer
- MediPharm Labs Corp.
- Target
- VIVO Cannabis Inc.
- Seller
- Former VIVO shareholders
- Industry
- Pharmaceuticals
- Location
- Ontario, Canada
- Type
- Buyout
Effective April 1, 2023, MediPharm Labs Corp. completed an all-equity arrangement to acquire all outstanding shares of VIVO Cannabis Inc., making VIVO a wholly-owned subsidiary. Under the arrangement, former VIVO shareholders received 0.2910 MediPharm common shares per VIVO share and MediPharm issued approximately 107,930,964 shares as consideration; VIVO shares are expected to be delisted from the Toronto Stock Exchange.
-
October 20, 2022
- Buyer
- Sunshine Biopharma Inc.
- Target
- Nora Pharma Inc.
- Industry
- Pharmaceuticals
- Location
- Quebec, Canada
- Type
- Buyout
Sunshine Biopharma Inc. has completed the acquisition of all outstanding shares of Nora Pharma Inc., making Nora Pharma a wholly owned subsidiary. The deal (C$30.0 million) expands Sunshine’s business into generic prescription drugs, over‑the‑counter products and biosimilars and adds approximately $10.7 million in revenue and 36 employees based in the Greater Montreal area.
-
August 11, 2022
- Buyer
- Edgewater Capital Partners
- Target
- GL CHEMTEC
- Industry
- Pharmaceuticals
- Location
- Ontario, Canada
- Type
- Buyout
Edgewater Capital Partners, a Cleveland-based lower middle-market private equity firm, has acquired GL CHEMTEC, a chemistry-based contract research organization (CRO) headquartered in Oakville, Ontario. Edgewater will support GLC's expansion of API development, scale-up and advanced materials capabilities to accelerate growth across North American pharma and life-sciences customers.
-
May 24, 2022
- Buyer
- ARCHIMED, Caisse de dépôt et placement du Québec (CDPQ)
- Target
- Corealis Pharma
- Industry
- Pharmaceuticals
- Location
- Quebec, Canada
- Type
- Recapitalization
Transatlantic PE firm ARCHIMED, joined by Caisse de dépôt et placement du Québec (CDPQ), has recapitalized Corealis Pharma, a Laval, Quebec–based CDMO specializing in oral solid dosage formulation and clinical-supply manufacturing. The recapitalization will fund expansion of GMP-compliant facilities, R&D capabilities and accelerate growth for Corealis to serve small- and mid-sized biotech and pharma customers.
-
- Buyer
- Bonafide Health
- Target
- MSI-195 (enhanced SAM-e formulation) / Methylation Sciences (MSI)
- Seller
- Methylation Sciences International (MSI)
- Industry
- Pharmaceuticals
- Location
- British Columbia, Canada
- Type
- Buyout
Bonafide Health has acquired worldwide rights and all assets related to MSI-195, a patented high-bioavailability formulation of S-adenosylmethionine (SAM-e). The acquisition expands Bonafide’s patented ingredient portfolio and strengthens its R&D pipeline for next-generation women’s health and dietary supplement products.
-
March 14, 2022
- Buyer
- ANJAC Health & Beauty
- Target
- Pillar5 Pharma
- Industry
- Pharmaceuticals
- Location
- Ontario, Canada
- Type
- Buyout
French family-owned ANJAC Health & Beauty has acquired Pillar5 Pharma, a Canadian CDMO specializing in sterile ophthalmic solutions and niche solid-dose manufacturing. The deal strengthens ANJAC's presence in North America and expands its pharmaceutical and ophthalmology capabilities; Pillar5 is based in Arnprior, Ontario and has roughly 150 employees and CAD$50M in revenue.
-
February 24, 2022
- Buyer
- Signet Healthcare Partners
- Target
- Juno Pharmaceuticals Corp.
- Industry
- Pharmaceuticals
- Location
- Quebec, Canada
- Type
- Growth capital
Signet Healthcare Partners, a New York-based healthcare growth equity firm, has completed a growth equity investment in Canadian specialty generics company Juno Pharmaceuticals Corp. Juno will use the proceeds to expand its complex and high-value generic and biosimilar portfolio and accelerate its growth and pipeline development in Canada and international markets.
-
- Buyer
- Hempsana Holdings Ltd.
- Target
- Hempsana Inc.
- Seller
- Former shareholders of Hempsana Inc.
- Industry
- Pharmaceuticals
- Location
- Ontario, Canada
- Type
- Buyout
Hempsana Holdings Ltd. (formerly Stralak Resource Inc.) completed a previously announced three‑cornered amalgamation to acquire Hempsana Inc., making Hempsana a wholly‑owned subsidiary. The combined company will focus on manufacturing cannabis derivatives and extracts (including vapeables, topicals and infused consumables) from Hempsana's Health Canada standard processing licensed and EU‑GMP‑compliant facility; HHL's shares are expected to trade on the Canadian Securities Exchange under the ticker HMPS.
-
- Buyer
- Novo Integrated Sciences, Inc., Novo Healthnet Limited
- Target
- Acenzia Inc.
- Industry
- Pharmaceuticals
- Location
- Ontario, Canada
- Type
- Buyout
Novo Integrated Sciences, through its wholly owned subsidiary Novo Healthnet Limited, completed the acquisition of Acenzia Inc., a Windsor, Ontario-based nutraceutical manufacturer and diagnostics developer. The all-share transaction closed on June 24, 2021 and is valued at $14,884,039; Novo said the purchase will give it direct control of development, manufacturing and distribution of wellness products and personalized diagnostics.
-
April 15, 2021
- Buyer
- Aceto
- Target
- A&C
- Industry
- Pharmaceuticals
- Location
- Quebec, Canada
- Type
- Buyout
Aceto has acquired A&C, a global GMP manufacturer of specialty excipients, buffers and process solutions, expanding Aceto's self-manufacturing and custom product capabilities for the vaccine, cell culture and biopharmaceutical markets. The deal adds GMP manufacturing, packaging and ingredient offerings and expands Aceto's North American and European footprint; financial terms were not disclosed.
-
February 11, 2020
- Buyer
- Revive Therapeutics Ltd.
- Target
- Psilocin Pharma Corp.
- Seller
- Shareholders of Psilocin Pharma Corp.
- Industry
- Pharmaceuticals
- Location
- Ontario, Canada
- Type
- Buyout
Revive Therapeutics Ltd. entered into a letter of intent to acquire all issued and outstanding securities of Psilocin Pharma Corp. for an aggregate purchase price of $2.75 million to be satisfied by issuing 55 million common shares of Revive (deemed $0.05/share). Revive deposited 10 million shares ($500,000) into escrow as a deposit; the closing is subject to due diligence and execution of a definitive share exchange agreement.
-
January 7, 2020
- Buyer
- Rubicon Research Private Limited
- Target
- Impopharma Canada Limited
- Industry
- Pharmaceuticals
- Location
- Ontario, Canada
- Type
- Addon
Rubicon Research Private Limited has acquired Impopharma Canada Limited and merged it with Rubicon Research Canada Limited to establish a nasal and pulmonary development Center of Excellence in Concord, Ontario. The 13,000 sq. ft. site — previously inspected by the U.S. FDA and Health Canada — expands Rubicon's global development network and formulation/analytical capabilities; Rubicon is a portfolio company of growth investor General Atlantic.
-
November 4, 2019
- Buyer
- H.I.G. Capital
- Target
- BioVectra Inc.
- Seller
- Mallinckrodt plc
- Industry
- Pharmaceuticals
- Location
- Prince Edward Island, Canada
- Type
- Buyout
H.I.G. Capital, through an affiliate, completed the acquisition of BioVectra Inc., a Canadian contract development and manufacturing organization (CDMO) specializing in active pharmaceutical ingredients (APIs), intermediates and biologics. The deal — a carve-out from Mallinckrodt — positions H.I.G. to support BioVectra's growth and further expand its manufacturing capabilities across Charlottetown, Prince Edward Island and Windsor, Nova Scotia.
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Frequently Asked Questions
What types of pharmaceutical acquisitions appear in Canada on this page?
Deals span specialty and branded pharmaceutical products, plus enabling services such as CDMOs and CROs (e.g., Agilent Technologies–BIOVECTRA, HEALWELL AI–BioPharma Services).
Which Canadian provinces show up most in recent transactions?
Recent deal locations include Ontario, Quebec, British Columbia, and Prince Edward Island, along with Canada as a broader reference for some transactions.
Are there acquisitions led by strategic pharmaceutical operators or investment firms?
Both appear. Strategic buyers include Apotex Inc., Knight Therapeutics Inc., Telix Pharmaceuticals Limited, and Curaleaf Holdings, Inc. Investment-firm-led activity includes SK Capital Partners and others listed in the page’s recurring buyer names.
Do any deals involve supply-chain or manufacturing capability upgrades?
Yes. Examples include CDMO/CRO acquisitions (e.g., Agilent Technologies acquiring BIOVECTRA) and vertical integration initiatives such as Telix Pharmaceuticals acquiring ARTMS Inc. for cyclotron-based isotope production technology.
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