Quadria Capital, an Asian healthcare-focused private equity firm, has completed the acquisition of Apex Healthcare, taking the company private in a transaction valued at an implied market capitalisation of MYR1.9 billion ($470 million), based an offer price of MYR2.64 per share.
Following the completion of the acquisition and delisting from Bursa Malaysia, Apex will be 100% privately owned by a consortium led by Singapore-headquartered Quadria together with co-investors Singapore-headquartered 65 Equity Partners, Employees Provident Fund and China’s Silk Road Fund.
After several months of negotiations, the deal becomes the largest healthcare take-private transaction in Malaysia’s history and the largest healthcare take-private and pharmaceutical transaction in Southeast Asia (SEA) in the past five years, according to a Quadria Capital.
The acquisition was executed through Pharmora Investment Holdings, a vehicle funded by the buying consortium, with Quadria leading the transaction as the largest single investor.
This transaction marks Quadria’s first take-private transaction and the fifth investment under Quadria Capital Fund III, following the fund’s final close seven months ago.
Founded in 1962, Apex has a platform across pharmaceutical development, manufacturing, sales and marketing, distribution, and wholesaling; in addtion to Malaysia, it has an operating subsidiary in Singapore. As the company transitions to private ownership, the buyers said that they will work closely with Apex’s management team to implement a "strategic roadmap focused on operational excellence, portfolio rationalisation, and scalable regional growth," according to a media release.
Under private ownership, Apex will undertake a review of its product portfolio to identify synergies across the consortium’s portfolio companies, while assessing opportunities for strategic investments and acquisitions, according to a media release.
The initiatives are expected to accelerate time to market and support scalable growth. The company will also strengthen regulatory capabilities and advance digital transformation as it pursues long-term growth and regional expansion outside the constraints of public markets, according to the buyers.
Ewan Davis, partner and head of SEA at Quadria Capital, said: “The acquisition of Apex reflects our strategy of backing leading healthcare businesses where private ownership can unlock operational improvement, scale and impact. Apex sits at the centre of a fast-growing circa $30 billion market, driven by policy support for local manufacturing, increasing adoption of generics, and a more health-conscious consumer.”
Davis added: “As a regional champion across manufacturing, distribution and consumer health, Apex is well positioned to benefit from these trends. For Quadria, this investment reinforces our belief that healthcare lies at the intersection of economic growth and wellbeing, delivering both strong commercial outcomes and meaningful social impact.”
Francis Woo, partner and chief corporate officer at 65 Equity Partners, said: “This partnership through our local enterprise fund aligns with our mandate to support high-quality, high-growth businesses with regional or global aspirations.”
Woo added: “We are impressed by the remarkable legacy which Apex has established since its founding over 60 years ago and look forward to working with Dr. Kee and the Apex team to drive the company’s next phase of growth, including leveraging Singapore as a strategic hub for both organic and inorganic expansion.”
