Expected to raise U.S. $30
million
TORONTO,
Nov. 19, 2012 /PRNewswire/ - Patheon
Inc. (TSX: PTI), a leading provider of contract development and
manufacturing services to the global pharmaceutical industry, today
announced that it will launch a U.S. $30
million transferable rights offering.
Under the terms of the rights offering, all record holders of
the company's restricted voting shares as of November 27, 2012 will receive, at no charge, one
transferable subscription right for each restricted voting share
held as of the record date. For every 13.75 subscription
rights held, rights holders will be entitled to subscribe for one
whole restricted voting share at a price of $3.19 per whole share, payable in either U.S. or
Canadian dollars at such holder's choice, but subject to any
additional restrictions any broker, dealer, bank or other nominee
may impose. Rights holders who exercise their subscription
rights in full will have the opportunity to over-subscribe for
additional restricted voting shares to the extent shares are
available, subject to certain limitations. The subscription
rights will be exercisable until 5:00
p.m. (Toronto time) on
December 28, 2012, unless
extended.
The company expects the total purchase price of the shares
offered in this rights offering to be U.S. $30 million, assuming full participation.
Patheon intends to use the net proceeds of approximately U.S.
$29.5 million from the rights
offering to partially finance its planned acquisition of Banner
Pharmacaps and/or for general corporate purposes.
The company's restricted voting shares are traded on the Toronto
Stock Exchange under the symbol "PTI". In addition, as the
subscription rights issued in connection with this rights offering
are transferable, the subscription rights will be listed and traded
on the Toronto Stock Exchange under the symbol "PTI.RT".
The rights offering will be made only by means of a prospectus
in the U.S. and an offering circular in Canada. A copy of the applicable
offering document will be mailed to all holders of restricted
voting shares as of the record date. Copies of the prospectus
or offering circular may also be obtained by contacting Patheon by
telephone at 919-226-3200 or by email at
investorrelations@patheon.com, or Computershare Investor Services
Inc., the subscription agent, by telephone at 1-800-564-6253 or by
email at corporateactions@computershare.com.
About Patheon Inc.
Patheon Inc. (TSX: PTI) is a leading global provider of contract
development and manufacturing services to the global pharmaceutical
industry. The company provides the highest quality products
and services to approximately 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 solid and sterile dosage
forms.
The company's comprehensive range of fully integrated
Pharmaceutical Development Services includes pre-formulation,
formulation, analytical development, clinical manufacturing,
scale-up and commercialization. The company's integrated
development and manufacturing network of nine manufacturing
facilities and nine development centers across North America and Europe, enables customer products to be
launched with confidence anywhere in the world.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements which
reflect the company's expectations regarding its proposed rights
offering. All statements, other than statements of historical fact,
are forward-looking statements. Wherever possible, words such as
"plans", "expects" or "does not expect", "forecasts", "anticipates"
or "does not anticipate", "believes", "intends" and similar
expressions or statements that certain actions, events or results
"may", "could", "should", "would", "might" or "will" be taken,
occur or be achieved have been used to identify these
forward-looking statements. Although the forward-looking statements
contained in this press release reflect the company's current
assumptions based upon information currently available to it and
based upon what it believes to be reasonable assumptions, the
company cannot be certain that actual results will be consistent
with these forward-looking statements. The company's current
material assumptions include assumptions related to the timing and
completion of the proposed acquisition of Sobel USA Inc. and Banner Pharmacaps Europe B.V.
(collectively referred to as "Banner") and the related equity and
debt financings. Forward-looking statements necessarily involve
significant known and unknown risks, assumptions and uncertainties
that may cause the company's actual results, performance, prospects
and opportunities to differ materially from those expressed or
implied by such forward-looking statements. These risks and
uncertainties include, among other things, risks related to the
company's ability to complete the proposed acquisition of Banner
and the related equity and debt financings. For additional
information regarding risks and uncertainties that could affect the
company's business, please see Item 1A "Risk Factors" in our Annual
Report on Form 10-K for the fiscal year ended October 31, 2011 and the company's subsequent
filings with the U.S. Securities and Exchange Commission and the
Canadian Securities Administrators. Although the company has
attempted to identify important risks and factors that could cause
actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
and risks that cause actions, events or results not to be as
anticipated, estimated or intended. Forward-looking statements are
provided to help stakeholders understand the company's expectations
and plans as of the date of this release and may not be suitable
for other purposes. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. These
forward-looking statements are made as of the date of this press
release and, except as required by law, the company assumes no
obligation to update or revise them to reflect new events or
circumstances.
SOURCE Patheon Inc.