Patheon to be taken private by JLL Partners and DSM for $1.4 bln
Patheon Inc (TSX:PTI), a provider of drug development and manufacturing services, has agreed to be taken private in a deal that values the company at around US$1.4 billion. The buyers are U.S. private equity firm JLL Partners, which has had a major stake in Patheon since 2007, and Dutch food and chemicals group DSM (DSMN.AS). The proposed takeover offer of US$9.32 per share, or US$582 million for investors other than JLL, has been recommended by independent members of the company's board of directors. On closing of the transaction, which will be put to a shareholders' vote at a special meeting in 2014, Patheon and DSM's existing pharmaceutical business will be combined. Founded in Fort Erie, Ontario in 1974, Patheon continues to be incorporated in Canada, and has its head office in Durham, North Carolina.
