Apotex workers in Toronto in April, 2021. SK Capital has been preparing for an IPO of Apotex over the last few months.Nathan Denette/The Canadian Press
Apotex Inc., Canada’s giant generic drugmaker, is bringing back its former chief executive officer as the company prepares for a, planned initial public offering.
Jeff Watson, who led Apotex from 2018 to 2023 and was named the company’s leader in the wake of founder Barry Sherman’s death, will replace Allan Oberman, who is departing from the role. Mr. Watson has been on the company’s board of directors since Mr. Oberman became CEO in 2023.
Mr. Oberman, the departing CEO, got the job shortly after New York-based SK Capital Partners LP bought Apotex in 2023 for an estimated $3-billion.
SK Capital has been laying the groundwork for an IPO of Apotex over the last few months. Mr. Oberman was expected to lead a marketing campaign focused on Apotex’s strategy of producing affordable medicine for cost-conscious customers and constantly adding new drugs to its portfolio.
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In recent weeks, Mr. Oberman has taken a temporary leave and Mr. Watson took over interim CEO duties. In mid-March he testified before parliament in the role of chief executive officer.
In a statement Thursday, Apotex said the permanent leadership change is effective immediately. The company added that Mr. Oberman will resume his role as a member of the board of directors.