Navigation Links
Patheon and JLL Partners Announce Litigation Settlement
Date:11/30/2009

TORONTO, Nov. 30 /PRNewswire/ -- The Special Committee of Independent Directors of Patheon Inc. ("Patheon" or the "Company") (TSX: PTI) and JLL Partners, Inc. and its affiliate, JLL Patheon Holdings, LLC (collectively, "JLL"), today announced that the Company and JLL have entered into a settlement agreement in respect of the pending legal actions between the parties.

The settlement provides among other things that:

  • until March 2011, the Board will consist of nine directors who will initially be four nominees of JLL, the Chief Executive Officer of the Company (Wesley P. Wheeler), Joaquin B. Viso and three independent directors. The three independent directors will include two members of the Special Committee, Derek J. Watchorn and Roy T. Graydon, and a new independent director, Brian G. Shaw;
  • JLL has agreed not to acquire any additional restricted voting shares ("Shares") of the Company for a one-year period, including through any take over bid. Thereafter, and until April 27, 2012, JLL will not acquire any additional Shares unless, among other things, the acquisition complies with the standstill provisions of the Investor Agreement between Patheon and JLL and, if the acquisition is to be effected by means of a takeover bid, the bid is subject to an irrevocable condition requiring the valid tender to the bid of at least a majority of the minority held Shares;
  • until April 27, 2012, certain transactions by the Company, including certain rights offerings, issuer bids and related party transactions, would require independent director approval; and
  • the Company will pay to JLL (U.S.) $1.5 million in connection with the settlement.

A copy of the settlement agreement will be filed with the Canadian Securities Administrators and will be available at www.sedar.com.

The settlement is subject to Court approval, which the Company and JLL will seek as soon as possible. The changes to Patheon's Board and the other provisions of the settlement will become effective immediately upon Court approval being obtained. As part of the settlement, JLL will also end its current third party claim against the members of the Special Committee.

The Special Committee believes that, given the current circumstances, the settlement of the litigation on this basis is in the best interests of the Company and all of its shareholders. The settlement provides additional meaningful ongoing protections for minority shareholders, and allows the Company to focus on its business, without the distraction of litigation.

ABOUT PATHEON

Patheon Inc. (TSX: PTI; www.patheon.com) is a leading global provider of contract development and manufacturing services to the global pharmaceutical industry. Patheon prides itself in providing the highest quality products and services to more than 300 of the world's leading pharmaceutical and biotechnology companies. Patheon's services range from preclinical development through commercial manufacturing of a full array of dosage forms including parenteral, solid, semi-solid and liquid forms. Patheon uses many innovative technologies including single-use disposables, Liquid-Filled Hard Capsules and a variety of modified release technologies.

Patheon's comprehensive range of fully integrated Pharmaceutical Development Services includes pre-formulation, formulation, analytical development, clinical manufacturing, scale-up and commercialization. Patheon can take customers direct to clinic with global clinical packaging and distribution services and Patheon's Quick to Clinic(TM) programs can accelerate early phase development project to clinical trials while minimizing the consumption of valuable API.

Patheon's integrated development and manufacturing network of 11 facilities, and 6 development centers across North America and Europe, strives to ensure that customer products can be launched with confidence anywhere in the world.

ABOUT JLL PARTNERS

JLL Partners, Inc. is a New York-based leading private equity investment firm with approximately $4.0 billion of capital under management. JLL's investment philosophy is to partner with outstanding management teams and invest with them in companies that they can continue to grow into market leaders. JLL has invested in a variety of industries, with special focus on financial services, building products, and healthcare services and medical products. More information on JLL can be found on the website www.jllpartners.com.

SOURCE JLL Partners


'/>"/>
SOURCE JLL Partners
Copyright©2009 PR Newswire.
All rights reserved

Related medicine technology :

1. QRxPharma Inks Deal with Patheon for the Manufacture of MoxDuo(TM)CR
2. Harvard Medical School-Partners HealthCare Center for Genetics and Genomics Successfully Completes Evaluation of AutoGenomics 2C9-VKORC1 Panel to Assess Warfarin Sensitivity
3. Multiple Myeloma Research Consortium (MMRC) Partners with Novartis to Advance Phase II Study of Deacetylase Inhibitor
4. Harvard Medical School-Partners HealthCare Center for Genetics and Genomics Successfully Completes Evaluation of AutoGenomics 2C9-VKORC1 Panel to Assess Warfarin Sensitivity
5. HistoRx and Radiation Therapy Oncology Group Initiate Brain Tumor Biomarker Research Partnership
6. The Leukemia & Lymphoma Society and Cleveland Clinic Taussig Cancer Institute Announce Groundbreaking Partnership to Accelerate Drug Approvals
7. PDHI Launches ConXus Rewards, Announces Partnership With Hallmark Insights to Support Incentive-Driven Wellness Programs
8. UNICEF Partners With Causes on Facebook to Launch Charity Gift Feature
9. HealthMedias Strongest Single Quarter Results: Growth Driven by Product Enhancements, New Partnerships
10. iCAD Announces Partnership for Initiating Clinical Testing of Its Virtual Colonoscopy CAD Product
11. Catalyst Pharmaceutical Partners Begins Enrollment for Its U.S. Phase II Clinical Trial of CPP-109 in Patients with Cocaine Addiction
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... Research and Markets has announced the ... 2016 - Forecast to 2022" report to their offering. ... up to date financial data derived from varied research sources ... with potential impact on the market during the next five ... comprises of sub markets, regional and country level analysis. The ...
(Date:6/23/2016)... Ill. and INDIANAPOLIS , ... students receiving a Lilly Diabetes Tomorrow,s Leaders Scholarship is ... 2016 scholarship winners, announced today online at www.diabetesscholars.org ... let type 1 diabetes stand in the way of ... has supported the Foundation,s scholarship program since 2012, and ...
(Date:6/23/2016)... , June 23, 2016 ... "Surgical Procedure Volumes: Global Analysis (United States, China, ... Canada)" report to their offering. ... essential tool for healthcare business planners, provides surgical procedure ... at surgery trends with an in-depth analysis of growth ...
Breaking Medicine Technology:
(Date:6/24/2016)... Gaithersburg, MD (PRWEB) , ... June 24, 2016 ... ... and protocols for human induced pluripotent stem (iPS) cells and other difficult to ... PluriQ™ G9™ Cloning Medium. The PluriQ™ G9™ Gene Editing System is ...
(Date:6/24/2016)... ... June 24, 2016 , ... Finally, a bruise cream that ... dermaka cream can be incorporated into the post-surgical treatment plans of a variety of ... , dermaka cream is very effective for bruising and causes a rapid resolution of ...
(Date:6/24/2016)... Edwardsville, IL (PRWEB) , ... June 24, 2016 ... ... Darryll Beard, DDS, and Randall Markarian, DDS, are co-chairs for the Illinois State ... dental clinic Friday-Saturday, July 15-16 at the Gateway Convention Center in Collinsville. ...
(Date:6/24/2016)... ... June 24, 2016 , ... SpiritQuest Sedona Retreats, located in Arizona ... surrounded by famous vortex sites: Cathedral Rock, Airport Mesa, and Boynton Canyon. The new ... Lodge at Sedona as well as the Sedona Rouge, both popular accommodations for SpiritQuest ...
(Date:6/23/2016)... ... June 23, 2016 , ... Terumo BCT, a global ... for clinical transfusion research programs and for the blood supply in the Netherlands, ... Predictive Analytical Rating Score (PREPAReS) study. , Currently in its sixth year, ...
Breaking Medicine News(10 mins):