Lonza Group AG ("Lonza") and the Special Committee of Independent Directors of Patheon Inc. ("Patheon" or the “Company") (TSX:PTI) today announced the extension of the exclusivity period granted to Lonza by Patheon, which had been scheduled to expire today. The extension allows for continued discussions regarding possible strategic transactions between Patheon and Lonza. The period of exclusivity will continue until terminated by either party by notice to the other. Other terms of the exclusivity arrangements will continue to apply.
Lonza and Patheon are continuing to explore various strategic options that are in the best interests of the two companies. In view of the announced position of JLL Patheon Holdings LLC ("JLL") that it is not prepared to sell its shares of Patheon at this time, these discussions include potential transactions that do not require the sale of JLL's shares. There can be no assurance that any transaction involving the Company and Lonza will be completed or as to the terms of any such transaction.
Lonza is one of the world's leading suppliers to the pharmaceutical, healthcare and life science industries. Its products and services span its customers’ needs from research to final product manufacture. Lonza is the global leader in the production and support of active pharmaceutical ingredients both chemically as well as biotechnologically. Biopharmaceuticals are one of the key growth drivers of the pharmaceutical and biotechnology industries. Lonza has strong capabilities in large and small molecules, peptides, amino acids and niche bioproducts which play an important role in the development of novel medicines and healthcare products. Lonza is a leader in cell-based research, endotoxin detection and cell therapy manufacturing. Lonza is also a leading provider of value chemical and biotech ingredients to the nutrition, hygiene, preservation, agro and personal care markets.
Lonza is headquartered in Basel, Switzerland and is listed on the SIX Swiss Exchange. In 2008, Lonza had sales of CHF 2.937 billion. Further information can be found at www.lonza.com.
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™ 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.
This press release does not constitute an offer to buy or the solicitation of an offer to sell restricted voting shares of Patheon Inc. Lonza Group AG has not commenced, and may not commence, an offer for restricted voting shares of Patheon Inc. Should Lonza Group AG commence an offer, it will only be made pursuant to an offer to purchase and related materials to be filed with Canadian securities regulators and distributed to shareholders of Patheon Inc. You should read these documents if and when they become available because they will contain important information about any such offer.
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