Apotex Health Corp. has increased the size of its initial public offering to between 54,166,670 and 65,000,005 common shares, with a price range of $20.00 to $24.00 per share, targeting gross proceeds of approximately $1.3 billion. The upsize consists of a treasury offering by Apotex of between 35,416,666 and 42,500,000 common shares, expected to generate gross proceeds of approximately $850 million, and a secondary offering by certain shareholders of between 18,750,004 and 22,500,005 common shares, expected to generate gross proceeds of approximately $450 million.

Offering Structure

The Selling Shareholders are expected to grant an over-allotment option to the underwriters to purchase up to an additional 8,125,000 to 9,750,000 common shares at the offering price. This option is exercisable at any time, in whole or in part, until 30 days after the closing date of the offering to cover over-allotments and for market stabilization purposes.

Post-Offering Ownership

Assuming an offering size of approximately $1.3 billion and an offering price of $22.00 per common share, the midpoint of the range, the company will have 231,726,671 common shares issued and outstanding on a non-diluted basis upon completion. On a fully diluted basis, this figure rises to 247,662,946 common shares. SK Artemis Holdings, II, LLC and API Investment LP will beneficially hold approximately 54.3% and 14.0% of the common shares on a non-diluted basis, respectively. If the over-allotment option is exercised in full, SK Artemis Holdings, II, LLC's stake will be approximately 50.6%.

Underwriters and Listing

The offering is being managed by a syndicate of underwriters led by RBC Capital Markets, TD Securities Inc., and Scotiabank, serving as co-lead managers, joint global coordinators, and joint lead bookrunners. Joint bookrunners include BMO Capital Markets and Jefferies Securities, Inc., while co-managers comprise CIBC Capital Markets, ATB Cormark Capital Markets, Desjardins Capital Markets, National Bank Capital Markets, MUFG, Raymond James, Bloom Burton Securities Inc., Canaccord Genuity Corp., Stifel, and Paradigm Capital Inc.

The Toronto Stock Exchange has conditionally approved the listing of the common shares under the trading symbol "APTX," subject to fulfilling customary requirements. The company intends to file marketing materials containing the specified pricing information on SEDAR+. The underwriters are relying on Coordinated Blanket Order 41-930 to provide these materials without further amendment to the company's amended and restated preliminary base PREP prospectus dated June 1, 2026.