Discussions on Possible Strategic Transactions with Lonza Continuing
TORONTO, Sept. 28 /CNW/ - The Special Committee of Independent Directors of Patheon Inc. ("Patheon" or "the Company") (TSX:PTI) announced that Joaquin Viso and Olga Lizardi have agreed to adjourn on consent the previously disclosed Court application they commenced on September 2, 2009 seeking an order requiring that a special meeting of shareholders (the "Requisitioned Meeting") in response to their previously announced requisition be held no later than October 30, 2009. As previously announced, the Special Committee has set December 15, 2009 as the date for the meeting. The Special Committee has agreed that the Requisitioned Meeting will not be postponed beyond December 15 unless the Special Committee in good faith in its discretion believes at the relevant time that a strategic transaction involving Lonza Group AG ("Lonza")(which includes a bid by Lonza for all of the outstanding restricted voting shares) may be achievable, in which case the meeting may be postponed to a later date. This arrangement will ensure that the Requisitioned Meeting does not interfere with the ongoing discussions with Lonza, and will allow Patheon sufficient time, if it determines to do so, to negotiate definitive agreements and complete such a transaction.
The Special Committee also announced that it will continue discussions with Lonza regarding the previously announced non-binding proposal to acquire all of the outstanding restricted voting shares of the Company at a price of US$3.55 per share as well as other possible strategic transactions with Lonza, during the due diligence and exclusivity period of Lonza which was extended to October 15, 2009, as announced earlier today.
There can be no assurance that any transaction involving Lonza will be completed or as to the terms of any such transaction.
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.
SOURCE Patheon Inc
For further information: For further information: Special Committee: Information Agent for the Special Committee, Kingsdale Shareholder Services, 1-866-851-3212; Media: John Lute, Lute & Company, (416) 929-5883, email firstname.lastname@example.org