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Royal DSM and JLL create leading pharma services company in USD 2.6 bn transaction
Date:11/18/2013

transaction are as follows:

  • NewCo will be owned by JLL (51%) and DSM (49%).
  • JLL will contribute USD 489 million in cash to NewCo and DSM will contribute DSM Pharmaceutical Products (DPP) and receive a seller note of USD 200 million, thereby valuing DPP at USD 670 million.
  • NewCo has entered into a definitive agreement to effect a Plan of Arrangement pursuant to the Canada Business Corporations Act ("POA") with Patheon under which NewCo would acquire Patheon for USD 9.32 per share in cash resulting in a:
    • total enterprise value for Patheon of approximately USD 1.95 billion (about €1.45 billion)
    • 64% premium to Patheon's closing share price on 18 November, 2013
  • Patheon's Board of Directors, acting on the unanimous recommendation of a committee of independent directors, recommends that Patheon' shareholders vote in favor of the POA.
  • JLL and the executive officers and directors of Patheon, who collectively own approximately 66% of the outstanding shares of Patheon, have signed Voting Agreements in support of the POA.
  • Committed financing to be funded at closing of USD 1.65 billion has been secured from J.P. Morgan, UBS, Jefferies, Morgan Stanley and KeyBank.
  • Subject to customary conditions, the transaction is expected to close in H1 2014.
  • DSM will deconsolidate DPP after closing.
  • The transaction is expected to be EPS accretive for DSM from 2015 onwards.

Patheon is a leading provider of contract development and commercial manufacturing services to the global pharmaceutical industry, with a focus on drug products. In the 12 months ending 31 July 2013, the company recorded revenues of USD 943 million and pro-forma consolidated EBITDA (per credit agreement definition) of USD 188 million. The company has around 5,900 employees.

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SOURCE Royal DSM
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