Patheon completes preferred share agreement amendment



    TORONTO, Sept. 19 /CNW/ - Patheon (TSX:PTI) today announced the
completion of the agreement with JLL Patheon Holdings, LLC ("JLL") that was
previously announced September 5, 2008 and under which JLL has waived its
right to the mandatory redemption provision of the Company's convertible
preferred shares. In accordance with the terms of the agreement Patheon has
issued 400,000 restricted voting shares to JLL and has granted JLL a limited
waiver of the standstill provision under the investor agreement, which will
allow JLL to acquire restricted voting shares in the open market over the next
twelve months equal to no more than 1% of the equity of the Company, including
the restricted voting shares issuable under the convertible preferred shares.
Additional details on the Agreement can be found in the Company's third
quarter MD&A filed with SEDAR at www.sedar.com.

    ABOUT PATHEON

    Patheon Inc. (TSX:PTI; www.patheon.com) is a leading global provider of
contract development and manufacturing services to the global pharmaceutical
industry. Patheon prides itself in providing the highest quality products and
services to more than 300 of the world's leading pharmaceutical and
biotechnology companies. Patheon's services range from preclinical development
through commercial manufacturing of a full array of dosage forms including
parenteral, solid, semi-solid and liquid forms. Patheon uses many innovative
technologies including single-use disposables, Liquid-Filled Hard Capsules and
a variety of modified release technologies.
    Patheon's comprehensive range of fully integrated Pharmaceutical
Development Services includes pre-formulation, formulation, analytical
development, clinical manufacturing, scale-up and commercialization. Patheon
can take customers direct to clinic with global clinical packaging and
distribution services and Patheon's Quick to Clinic(TM) programs can
accelerate early phase development project to clinical trials while minimizing
the consumption of valuable API.
    Patheon's integrated development and manufacturing network of 11
facilities, and 6 development centers across North America and Europe, strives
to ensure that customer products can be launched with confidence anywhere in
the world.

    Caution Concerning Forward-Looking Statements

    This news release may contain forward-looking statements which reflect
management's expectations regarding the Company's future growth of operations,
performance (both operational and financial) and business prospects and
opportunities. These statements are made in the context of the risks and
uncertainties that are outlined in the Company's public documents, which can
be accessed on our website at www.patheon.com or on SEDAR at www.sedar.com.

    %SEDAR: 00001700E




For further information:

For further information: Mr. Wes Wheeler, President & Chief Executive
Officer, Tel: (905) 812-2112, Email: wes.wheeler@patheon.com; Mr. Eric Evans,
Chief Financial Officer, Tel: (905) 812-6660, Email: eric.evans@patheon.com;
Ms. Jean Treadwell, Investor Relations, Tel: (905) 816-8344, Email:
jean.treadwell@patheon.com

Organization Profile

Patheon Inc

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