It's a done deal. Patheon has concluded its buyout of Banner Pharmacaps, a move that gives it four more manufacturing operations, 1,200 more employees and a foothold in the rapidly growing Latin market.
Canada-based Patheon has a specialty in softgel manufacturing, while Banner specializes in gelatin-based dosage forms. In the deal, Patheon picks up plants in Canada, the Netherlands, Mexico and in High Point, NC, where Banner has been headquartered. Patheon also gets 1,200 employees to operate those facilities.
Patheon said the $225 million acquisition is partly being paid for with a $660 million refinancing. It's been a year of transition for Patheon, which sold off its clinical packaging and clinical distribution services business last month after failing to find a buyer for its Swindon, U.K., manufacturing plant. CEO James Mullen has said the company will focus on its contract manufacturing business.
At the time the deal was announced, Mullen said he liked having manufacturing capabilities in Mexico. "It gives us ... a direct-to-market business in Mexico and some of the other Latin American countries, " he told Reuters at the time.
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