TORONTO, Feb. 1 /CNW/ - Patheon Inc. (TSX: PTI) today announced that it
has completed the previously announced sale of its Niagara-Burlington
commercial manufacturing business to Pharmetics Inc., under the same terms as
Under the terms of the transaction, Pharmetics has acquired the assets,
including equipment, facilities and land, at Patheon's facilities in Fort Erie
and Burlington (Gateway Drive) in Ontario. Pharmetics has offered employment
to the workforce of 270 employees and will continue to manufacture and supply
the products currently manufactured at these sites.
"We are pleased to have finalized this transaction with Pharmetics within
the timeframe originally anticipated," said Mr. Wesley P. Wheeler, Chief
Executive Officer, Patheon Inc. "We have worked closely with Pharmetics and
our clients to ensure a smooth transition of this business to new ownership.
With this divestiture completed, we look forward to further focusing our
resources on growth opportunities in prescription drug development and
Caution Concerning Forward-Looking Statements
This news release contains 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.
Patheon (TSX:PTI; www.patheon.com) is a leading global provider of drug
development and manufacturing services to the international pharmaceutical
industry. Patheon operates a network of 12 facilities in the United States,
Canada and Europe, employing more than 4,650 people and serving a client base
of more than 250 pharmaceutical and biotechnology companies.
For further information:
For further information: Mr. John Bell, Chief Financial Officer, Patheon
Inc., Tel: (905) 812-6812, Fax: (905) 812-6613, Email:
firstname.lastname@example.org; Ms. Shelley Jourard, Director, Corporate
Communications, Tel: (905) 812-6614, Fax: (905) 812-6613, Email: