Quadria Capital and co-investors complete landmark take-private of Apex Healthcare

February 24, 2026

Healthcaretoday, Quadria Capital, Apex Healthcare Berhad, 65 Equity Partners, Silk Road Fund,

Quadria Capital completes MYR 1.9 billion acquisition of Apex Healthcare Berhad, taking the company private in a landmark Asian healthcare private equity deal.

Quadria Capital, 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, taking the company private in a transaction valued at an implied market capitalization 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 rationalization, 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.”

Quadria Capital and co-investors complete landmark take-private of Apex Healthcare

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​Quadria Capital and co-investors complete landmark take-private of Apex Healthcare

EXPLORE FURTHER

KL Wellness City (KLWC) celebrates Chinese New Year with 75 elderly residents​

Quadria Capital and co-investors complete landmark take-private of Apex Healthcare

KL Wellness City (KLWC) celebrates Chinese New Year with 75 elderly residents