TORONTO, Dec. 31, 2012 /CNW/ - Patheon Inc. (TSX: PTI) ("Patheon" or the "Company"), a leading provider of
manufacturing and contract development services to the global
pharmaceutical industry, today announced the completion of its
subscription rights offering, which expired on December 28, 2012. The
rights offering was fully subscribed for with gross proceeds totaling
approximately U.S. $30 million.
Effective today, Patheon will issue 9,403,483 restricted voting shares
as a result of the rights offering. This issuance represents
approximately 7.2% of the Company's restricted voting shares issued and
outstanding prior to the rights offering. Upon the issuance of these
new restricted voting shares, the Company will have 139,701,375
restricted voting shares outstanding.
An affiliate of JLL Partners Fund V, L.P., a related party of the
Company ("JLL"), exercised its subscription rights in full, including
its over-subscription privilege, up to the full amount of the rights
offering. The subscription payments in the aggregate amount of
approximately U.S. $30 million were used by the Company to partially
finance its acquisition of Sobel USA Inc. and Banner Pharmacaps Europe
B.V. All excess subscription payments received from over-subscribing
rights holders, including JLL's affiliate, will be returned, without
interest or penalty, as soon as practicable. As a result of the rights
offering, JLL's affiliate will receive 5,786,805 restricted voting
shares (524,392 of which will be received pursuant to the exercise of
its over-subscription privilege) and JLL's ownership of restricted
voting shares, together with its affiliates, will be approximately
55.94% of the Company's issued and outstanding restricted voting
About Patheon Inc.
Patheon Inc. (TSX: PTI) is a leading global provider of manufacturing
and contract development services to the global pharmaceutical
industry. The Company provides the highest quality products and
services to approximately 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 solid
and sterile dosage forms.
The Company's comprehensive range of fully integrated Pharmaceutical
Development Services includes pre-formulation, formulation, analytical
development, clinical manufacturing, scale-up and commercialization.
The Company's integrated development and manufacturing network of
thirteen manufacturing facilities and eleven development centers across
North America and Europe, enables customer products to be launched with
confidence anywhere in the world. For more information visit www.patheon.com.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements which reflect the
Company's expectations regarding certain matters related to the rights
offering. All statements, other than statements of historical fact, are
forward-looking statements. Wherever possible, words such as "plans",
"expects" or "does not expect", "forecasts", "anticipates" or "does not
anticipate", "believes", "intends" and similar expressions or
statements that certain actions, events or results "may", "could",
"should", "would", "might" or "will" be taken, occur or be achieved
have been used to identify these forward-looking statements.
Forward-looking statements necessarily involve significant known and
unknown risks, assumptions and uncertainties that may cause the
Company's actual results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking statements. The Company's current material assumptions
include assumptions related to the timing of the issuance of restricted
voting shares and return of excess subscription payments resulting from
the rights offering. For additional information regarding risks and
uncertainties that could affect the Company's business, please see Item
1A "Risk Factors" in our Annual Report on Form 10-K for the fiscal year
ended October 31, 2012 and the Company's subsequent filings with the
U.S. Securities and Exchange Commission and the Canadian Securities
Administrators. Although the Company has attempted to identify
important risks and factors that could cause actual actions, events or
results to differ materially from those described in forward-looking
statements, there may be other factors and risks that cause actions,
events or results not to be as anticipated, estimated or intended.
Forward-looking statements are provided to help stakeholders understand
the Company's expectations and plans as of the date of this release and
may not be suitable for other purposes. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue reliance
on forward-looking statements. These forward-looking statements are
made as of the date of this press release and, except as required by
law, the Company assumes no obligation to update or revise them to
reflect new events or circumstances.
SOURCE: Patheon Inc.
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