Patheon Completes Sale of Niagara-Burlington Commercial Manufacturing Business
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 previously disclosed.
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
manufacturing."
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.
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For further information: Mr. John Bell, Chief Financial Officer,
Patheon
Inc., Tel: (905) 812-6812, Fax: (905) 812-6613, Email:
john.h.bell@patheon.com; Ms.
Shelley Jourard, Director, Corporate
Communications, Tel: (905) 812-6614, Fax: (905) 812-6613,
Email:
sjourard@patheon.com
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