Largest healthcare privatization in Southeast Asia in the past five years and in Malaysia’s history
Singapore / Kuala Lumpur, 24 February 2026 — Quadria Capital (“Quadria”), one of Asia’s largest healthcare-focused private equity firms and co-investors today announced the successful completion of the acquisition of Apex Healthcare Berhad (“Apex”), taking the company private in a transaction valued at an implied market capitalisation of approximately MYR 1.9 billion (USD 470 million), based on the offer price of MYR 2.64 per share.
Following the completion of the acquisition and delisting, Apex will be 100% privately owned by a consortium led by Quadria together with co-investors 65 Equity Partners, Employees Provident Fund and Silk Road Fund (the “Consortium”).
This landmark transaction represents:
- The largest healthcare take-private transaction in Malaysia’s history
- The largest healthcare take-private transaction in Southeast Asia in the past five years
- The largest pharmaceutical transaction in Southeast Asia in the past five years
The acquisition was executed through Pharmora Investment Holdings Pte. Ltd., a vehicle funded by the 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, reflecting disciplined capital deployment following the fund’s final close only seven months ago. This transaction also strengthens the Consortium’s presence in essential healthcare and quality generics, underscoring continued commitment to improving medical access across the region.
As one of the largest healthcare take-private transactions in Southeast Asia, the acquisition of Apex signals the continued relevance and attractiveness of the healthcare sector for institutional capital, particularly into high-quality, established platforms. The transaction also highlights pockets of opportunity in the region, where private capital plays a critical role in supporting capacity expansion and addressing structural funding gaps. Quadria’s sector focus, extensive healthcare network, and operational experience will support Apex’s next phase of development.
Founded in 1962, Apex is among Malaysia’s longest-established pharmaceutical and healthcare groups, with a diversified platform spanning pharmaceutical development, manufacturing, sales and marketing, distribution, and wholesaling. As the company transitions to private ownership, the Consortium will work closely with Apex’s management team to implement a strategic roadmap focused on operational excellence, portfolio rationalisation, and scalable regional growth. Day-to-day operations will continue without interruption, ensuring operational stability, retention of institutional knowledge, and strong alignment between local leadership and the Consortium’s institutional governance framework.
The Consortium’s controlling position in Apex provides a strong foundation to further develop Apex as a leading strategic healthcare platform across ASEAN. Under private ownership, Apex will undertake a comprehensive review of its product portfolio to identify synergies across the Consortium’s ecosystem of portfolio companies, while assessing opportunities for strategic investments and acquisitions. These 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.
Ewan Davis, Partner and Head of Southeast Asia 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 ~US$30 billion market, driven by policy support for local manufacturing, increasing adoption of generics, and a more health-conscious consumer. 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. 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.”
About Apex Healthcare Berhad
Apex Healthcare Berhad, incorporated in 1962, is the largest local private integrated pharmaceutical player in Malaysia, with a commercial presence in over 20 countries worldwide. The group has close to 1,000 employees and operates a broad distribution network comprising 8 warehouses and depots across Malaysia and Singapore. Its manufacturing facilities are EU-GMP certified, with the capability to produce both liquid and solid dosage forms. Apex serves more than 16,000 end customers, including major hospitals, clinics, and pharmacy chains, supported by a scaled supply chain and nationwide reach.
About Quadria Capital
Founded in 2012, Quadria Capital is Asia’s premier healthcare investor managing over USD 4.2 billion in assets across 29 investments in South and Southeast Asia including India, Vietnam, Indonesia, Malaysia and Singapore. Quadria Capital aims to create significant and sustainable shareholder value by partnering with exceptional healthcare businesses to enhance their impact and scale, while generating superior returns for investors.
For more information, please visit www.quadriacapital.com
About 65 Equity Partners
65 Equity Partners is a global investment firm headquartered in Singapore, which provides partnership capital to entrepreneurs, families and management teams in Asia, Europe and North America. Founded in 2021, 65 Equity Partners has approximately US$4.2 billion of capital under management and is an independently managed, wholly-owned investment platform of Temasek Holdings (Private) Limited.
For more information, please visit www.65equitypartners.com