Patheon acquires European pharmaceutical plants
Patheon Inc PTI
Shares issued 43,047,127 Nov 30 close $9.60
Wed 1 Dec 99 News Release
Mr. Robert Tedford reports
Patheon has completed the purchase of two European manufacturing facilities
from Hoechst Marion Roussel, the pharmaceutical company of Hoechst AG in
Frankfurt, Germany, and has entered into two long-term contracts to
continue to manufacture substantially all products currently being
manufactured at each facility for Hoechst Marion Roussel. This follows
Patheon's earlier announcements of the signing of letters of intent, the
completion of negotiations and the execution of binding agreements to
purchase Hoechst Marion Roussel's manufacturing operations in Swindon,
United Kingdom and Bourgoin, France. The purchase of the Swindon facility
is effective Nov. 29, 1999, and the purchase of the Bourgoin facility is
effective as of Dec. 1, 1999. The consideration for the two acquisitions is
being satisfied by a combination of the proceeds of Patheon's public
offering in July, 1999 (which raised $30.25-million) and bank lines of
credit (an additional approximately $16-million). The purchase price for
each transaction is subject to post-closing adjustments.
Patheon is a leading independent provider in North America and Europe of
drug manufacturing and development services in the rapidly growing
pharmaceutical outsourcing sector. Patheon and its 48-per-cent-owned Global
Pharm affiliate operate six cGMP facilities in Canada and Italy, employing
over 1,000 people. With these acquisitions in the United Kingdom and
France, Patheon's operations have grown to eight cGMP facilities in Canada
and Europe, with over 1,600 employees. Patheon currently serves 16 of the
world's 25 largest pharmaceutical companies and a growing number of
pharmaceutical biotechnology companies from its North American and European
operations. |
