Patheon launches IPO
The contract development and manufacturing organisation (CDMO) offered 30.5m shares priced between $19 and $22 on the New York Stock Exchange (NYSE) yesterday.
The firm said it "intends to use the net proceeds it receives from the offering and cash on hand to repay all of its outstanding $550 million of Senior PIK Toggle Notes, pay related fees and expenses and accrued interest.”
Patheon – which has been registered in Amsterdam since merging with DSM's pharmaceutical products business – first mooted its intention to go public last June.
DSM, which holds 53.5 million ordinary shares in Patheon, offered 4,878,049 as part of the IPO and predicted that the move will generate $100m.
At present private-equity firm JLL Partners hold a majority stake in Patheon.
