Sabex Holdings Ltd., a leading Canadian manufacturer of generic drugs, has been sold by its American owners to Sandoz for $565-million (U.S.).
RoundTable Healthcare Partners of Lake Forest, Ill., a private equity firm focused on the health-care industry, announced Monday a definitive agreement to sell the Quebec company to Sandoz, a Novartis company.
RoundTable acquired a majority interest in Sabex in April 2002.
Sabex, based in nearby Boucherville, manufactures and distributes generic injectable pharmaceuticals.
Jack McGinley, founding partner of RoundTable and chairman of Sabex, said the investment "exemplifies RoundTable's strategy of partnering with owner/founders and strong management teams to create growth and value."
Sabex founder and vice-chairman Michel Saucier said RoundTable has "helped to strategically position Sabex in our markets and to facilitate our growth and profitability."
Novartis is a world leader in generic pharmaceuticals.