Patheon's Banner buyout adds to losses

Patheon's $255 million buyout last year of Mexico's Banner Pharmacaps gave the contract manufacturer a beachhead in the fast-growing Latin American market. But it lost something along the way. The North Carolina-based company reported today that losses from continuing operations rose to $51.4 million from $19.3 million a year earlier. Revenues for the first quarter were up 39% to $213.5 million, and CEO James Mullen said the integration of the four plants it got in the Banner deal is coming along swell. When the deal was announced, Mullen said, he believed having Banner would push Patheon past the $1 billion mark with the new customers it will attract. Release | More