Patheon Has Made an Initial Public Offering of Ordinary Shares

Patheon has made an initial public offering of 30,487,805 of its ordinary shares

This figure is added from Patheon selling 25,609,756 ordinary shares and the selling stockholder selling 4,878,049 ordinary shares. The current expected initial public offering price is between $19.00 and $22.00 per share.

The company has granted underwriters a 30-day option to purchase up to an additional 4,573,171 ordinary shares from the company. These will be listed on the New York Stock Exchange under the symbol "PTHN".
Patheon intends to use net proceeds it receives from the offering and cash on hand to repay all of its outstanding debts of $550 million Senior PIK Toggle Notes, pay-related fees, expenses, and accrued interest. The company will not receive any proceeds from the sale of ordinary shares by the selling stockholder.

J. P. Morgan, Morgan Stanley, Jefferies, and UBS Investment Bank are acting as lead book-running managers and representatives of the underwriters for the proposed offering, while Credit Suisse, Evercore ISI, and Wells Fargo Securities are acting as joint book-running managers. Baird, Piper Jaffray, Raymond James, William Blair, KeyBanc Capital Markets, and Leerink Partners are acting as co-managers.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (SEC) but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The statements in this press release that are not historical facts may be forward-looking statements. Such statements based upon the current beliefs and expectations of Patheon’s management are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements.

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