Pharmaceutical and biotechnology supplier Lonza said on August 21 that it had offered to buy Canadian firm Patheon in a deal valuing the company at $ 460 million.. Lonza said it had submitted a non-binding proposal to acquire all of the outstanding Restricted Voting Shares of Patheon at $3.55 per share.
The company is aiming to acquire at least 67% of Patheon.
"With Patheon, Lonza would be in a unique position to offer its customers manufacturing capability across the complete supply chain," said chief executive Stefan Borgas.
Paul Currie, chairman of the Special Committee of Independent Directors of Patheon, recommended the offer to shareholders, saying it would represent "a significant improvement in value" compared to a rival offer by JLL Patheon Holdings.
"The Special Committee also believes that the Lonza proposal would provide an excellent opportunity to secure the successful future development of Patheon and that it is in the best interest of all Patheon shareholders to explore the Lonza proposal further," he added in the Lonza statement.
Patheon, which employs some 4,700 people in North America and in Europe, specializes in dosage and capsules for medicines.
Copyright Agence France-Presse, 2009
