Patheon Lands $18M Contract
BRIEF: Patheon Lands $18M Contract [the News & Observer, Raleigh, N.C.]
From News & Observer (Raleigh, NC) (October 21, 2011)
Oct. 21--Pharmaceutical services company Patheon landed a three-year contract worth more than $18 million from German pharmaceutical giant Boehringer Ingelheim.
Patheon, which shifted its headquarters to Research Triangle Park from Toronto in 2008, said Thursday the contract covers two projects, both of which involve developing drugs for treating Type 2 diabetics.
"I am very gratified that Boehringer Ingelheim recognizes our expertise in formulating, scaling and successfully launching complex formulations such as these molecules," Mark Kontny, Patheon's chief scientific officer, said in a statement.
Last month CEO James Mullen, who joined Patheon in February, unveiled a new strategy that combines cost-cutting efforts and focusing on its core strength to bolster its stagnant revenue.
The company manufactures prescription drugs and provides other services, such as developing the formulation of experimental drugs. It employs about 50 in RTP.
Patheon shares closed Thursday at $1.50, up 5 cents.
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Posted: October 2011