Patheon and JLL Partners Announce Litigation SettlementToronto/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:
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.
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