Private equity firm Quadria Capital and its co-investors have completed the acquisition and delisting of Malaysia’s Apex Healthcare in a transaction that values the pharmaceutical group at an implied market capitalisation of $470 million, according to an announcement.
Following the completion, Apex is now 100% privately owned by a consortium led by Quadria alongside 65 Equity Partners, the Employees Provident Fund (EPF), and Silk Road Fund.
The acquisition was carried out through Pharmora Investment Holdings Pte. Ltd., with Quadria acting as the largest single investor, per the announcement.
The deal also marks Quadria’s first take-private transaction and its fifth investment under Quadria Capital Fund III, which reached a final close seven months ago.
Quadria said Apex sits within a regional pharmaceutical market valued at roughly $30 billion, supported by growing demand for generics, policy support for local manufacturing and rising healthcare consumption.
“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,” said Ewan Davis, partner and head of Southeast Asia at Quadria Capital.
Founded in 1962, Apex is among Malaysia’s longest-established healthcare companies, with operations spanning pharmaceutical development and manufacturing, sales and marketing, distribution, and wholesaling.
The group employs close to 1,000 staff, serves more than 16,000 hospitals, clinics, and pharmacies, and operates a distribution network supported by eight warehouses and depots across Malaysia and Singapore.
Under private ownership, the consortium plans to work with management to improve operational efficiency, rationalise the product portfolio, and pursue regional expansion.
Apex is expected to review its business for synergies with other portfolio companies while evaluating strategic investments and acquisitions, as well as strengthening regulatory capabilities and advancing digital transformation, per the announcement.
The deal comes less than a year after Quadria Capital closed its third fund with total commitments of $1.07 billion, significantly exceeding its $800-million target.
The oversubscribed fundraise comprises over $954 million in primary commitments and $114 million in committed co–investment capital. The latest fundraise is around 60% larger than the predecessor vehicle that closed at $600 million in 2020.
Quadria Capital’s existing backers include prominent sovereign wealth funds, asset managers, and strategic corporates from North America and Europe.
