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Gold/Mining/Energy : PATHEON INC. (PTI - TORONTO) -- Ignore unavailable to you. Want to Upgrade?

To: Fishfinder who wrote (109)	11/11/1998 7:33:00 PM
From: John Sladek	Read Replies (1) \| Respond to of 147

November 11, 1998 Patheon Inc., Canada's largest integrated provider of pharmaceutical contract manufacturing services, has signed a non-binding letter of intent with Bristol-Myers Squibb Company seeking to acquire a 300,000 square foot manufacturing operation located in Buffalo, New York. The transaction, which is subject to the completion of diligence, definitive negotiations and appropriate approvals, would also include long-term manufacturing contracts with Bristol-Myers Squibb for certain products currently produced at the facility. The Buffalo facility has capabilities in manufacturing semi-solid dosage forms, primarily creams and lotions, for both the prescription and OTC markets. Robert Tedford, Chief Executive Officer of Patheon, stated that "We are interested in the facility for several reasons. First, the plant is located close to Patheon's existing facilities in Southern Ontario and, in particular, our Custom Pharmaceuticals facility in Fort Erie, Ontario. Secondly, the Buffalo facility is a sophisticated liquid plant designed for large volume production runs, and has extensive expertise in dermatological and liquid products. As well, employees on the site have had experience in providing outsourcing services to third-party clients." Patheon is one of North America's leading independent providers of drug manufacturing and development services in the rapidly growing pharmaceutical outsourcing sector. Patheon and its 48 per cent owned Global Pharm affiliate operate five cGMP facilities in Canada employing over 700 people. Patheon serves many of the world's largest pharmaceutical companies and a growing number of pharmaceutical biotechnology companies. Source: Patheon Inc. Contact: Mr. Robert C. Tedford Chief Executive Officer Tel: (905) 812-6760 Fax: (905) 812-6705 Website: www.patheon.com