JLL Bids To Take Patheon Private

JLL Patheon Holdings, LLC, an affiliate of JLL Partners, has offered $2.00 in cash per Restricted Voting Share for all outstanding shares of Patheon that it does not already own. The offer is scheduled to expire on April 16, 2009, unless the offer is extended or withdrawn by JLL. If successful, the offer will make Patheon a privately-held company. Last month, JLL made a tender offer to take PharmaNet private.

The closing price of the Restricted Voting Shares on the Toronto Stock Exchange (TSX) on December 5, 2008, the last trading day prior to the announcement of JLL’s intention to make the offer, was $0.84. The offer represents a premium of approximately 138%. The closing price on March 10th was $1.66. The offer price represents a premium of approximately 21% and is fully financed by JLL. Patheon will not incur any incremental debt to complete the purchase of outstanding shares.

The offer is subject to customary conditions, including the absence of a material adverse change at Patheon and the receipt of regulatory approvals.