Patheon Inc. Sells Clinical Packaging Business to Bellwyck
TORONTO, Sept. 5, 2012 /PRNewswire/ - Patheon Inc. (TSX: PTI), a leading provider of contract development and manufacturing services to the global pharmaceutical industry, announced today that it has sold its global secondary clinical packaging and clinical distribution services business to Bellwyck Packaging Solutions, a private company with 20 years experience providing clinical trial and contract services for secondary packaging.
James C. Mullen, Patheon's Chief Executive Officer said, "We are very happy to have reached an agreement with Bellwyck for this business. While we don't expect the terms of the transaction to have a material impact on our on-going results, this transaction is part of our continued focus on our core competencies of solid-dose and parenteral development and manufacturing. One of Bellwyck's core competencies is clinical packaging. We are confident that both the customers and our employees, about 20 of whom have joined Bellwyck, are in good hands."
Jeff Sziklai, Bellwyk's Co-CEO, said, "We look forward to an ongoing partnership with Patheon as we work together to ensure that Bellwyck continues to provide superior clinical packaging and distribution services to Patheon's current and future customers. We anticipate a seamless transition for customers and employees."
Patheon's secondary clinical packaging and clinical distribution services business is globally managed from its Burlington, Ontario, Canada facility, and includes an operating presence in Cincinnati, Ohio. Terms of the sale have not been disclosed.
About Patheon
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. Its services range from preclinical
development through commercial manufacturing of a full array of dosage
forms including parenteral, soft gel, solid and liquid 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 10 manufacturing facilities, nine development centers and one clinical trial material packaging facility across North America and Europe, enables customer products to be launched with confidence anywhere in the world.
About Bellwyck Packaging Solutions
Bellwyck Packaging Solutions is a leading Canadian healthcare and
premium packaging supplier offering a single source solution for
customers' packaging and printed component requirements. The company is
a full service contract packager offering primary, secondary and
clinical trial packaging and logistics services. The printed components
divisions include cGMP folding carton and label facilities that provide
all of the required printed materials for packaging projects. With more
than two decades of experience, the company's six manufacturing sites
provide clients with strict cGMP and ISO compliance, and ongoing R&D
targeted towards innovative solutions.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements which reflect our
expectations regarding our future growth, results of operations,
performance (both operational and financial) and business prospects and
opportunities. 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
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statements that certain actions, events or results "may", "could",
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have been used to identify these forward-looking statements. Although
the forward-looking statements contained in this press release reflect
our current assumptions based upon information currently available to
us and based upon what we believe to be reasonable assumptions, we
cannot be certain that actual results will be consistent with these
forward-looking statements. Our current material assumptions include
assumptions related to customer volumes, regulatory compliance, foreign
exchange rates and employee severance costs associated with
termination. Forward-looking statements necessarily involve
significant known and unknown risks, assumptions and uncertainties that
may cause our actual results, performance, prospects and opportunities
in future periods to differ materially from those expressed or implied
by such forward-looking statements. These risks and uncertainties
include, among other things, risks related to international operations
and foreign currency fluctuations; customer demand for our services;
regulatory matters affecting manufacturing and pharmaceutical
development services; impacts of acquisitions, divestitures and
restructurings; implementation of our new corporate strategy; our
ability to effectively transfer business between facilities; the global
economic environment; our exposure to complex production issues; our
substantial financial leverage; interest rate risks; potential
environmental, health and safety liabilities; credit and customer
concentration; competition; rapid technological change; product
liability claims; intellectual property; the existence of a
significant shareholder; supply arrangements; pension plans; derivative
financial instruments; and dependence upon key management, scientific
and technical personnel. For additional information regarding risks
and uncertainties that could affect our business, please see Item 1A
"Risk Factors" in our Annual Report on Form 10-K for the fiscal year
ended October 31, 2011 filed with the U.S. Securities and Exchange
Commission and with the Canadian Securities Administrators. Although
we have 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. 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, we
assume no obligation to update or revise them to reflect new events or
circumstances.
SOURCE Patheon Inc.