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

al value. With this partnership DSM has made a key step in the strategic transformation of its Pharma activities into partnerships whilst creating maximal value for all stakeholders."

Paul S. Levy, Managing Director of JLL Partners, Chairman of the Board of Patheon shared: "This partnership demonstrates JLL's commitment to building companies that create value, fill unmet needs and drive excellence within their respective industries. This is the strategic initiative and execution 'know how' that stakeholders have come to expect from JLL. NewCo is poised to transform the CDMO industry and we are excited to bring these two entities together."

Stefan Doboczky, Member of the DSM Managing Board and responsible for the Pharma cluster,  commented: "Our customers bring life-saving and life-enhancing medicines to people who need them around the world. They will greatly benefit from NewCo's unmatched depth and breadth of capabilities and services. I am convinced that NewCo will be even better positioned to help customers succeed with their unique needs."

Financial information
DSM expects the transaction to be accretive to its earnings per share from 2015 onwards. In accordance with the applicable accounting standards DPP will be classified as assets held for sale in Q4 2013 and a non-cash impairment loss of around €120 million will be recognized as an exceptional item. From the closing date onwards DSM will present the investment in NewCo as an associated account in accordance  with the equity method. Under IFRS rules also DSM Sinochem Pharmaceuticals will be deconsolidated from 1 January 2014. Consequently, the reporting of the Pharma cluster in the core EBITDA of DSM will be discontinued from the beginning of 2014.
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SOURCE Royal DSM
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