Patheon has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The company expects to price roughly 30.49 million shares in the range of $19 to $22 per share, with an overallotment option for an additional 4.57 million shares. At the maximum price, the entire offering is valued up to about $771 million. The company intends to list its shares on the New York Stock Exchange under the symbol PTHN.
The underwriters for the offering are JPMorgan, Morgan Stanley, Jefferies, UBS Investment Bank, Credit Suisse, Evercore ISI, Wells Fargo, Baird, Piper Jaffray, Raymond James, William Blair, KeyBanc Capital Markets and Leerink Partners.
This is a leading global provider of outsourced pharmaceutical development and manufacturing services. Patheon provides a comprehensive, integrated and highly customizable range of active pharmaceutical ingredient (API), and finished drug product services to customers, from formulation development to clinical and commercial-scale manufacturing, packaging and life cycle management.
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These services address both small molecule and large molecule biological drugs. Management believes that Patheon is the only end-to-end integrated provider of such services, which, combined with its scientific and regulatory expertise and specialized capabilities, allows customers to partner with a single outsourced provider to address their most complex development and manufacturing needs. The company further believes it has the broadest technological capabilities in its industry, across the full spectrum of development and manufacturing, to support our end-to-end integrated platform.
In the filing Patheon detailed:
We believe we are a critical partner for our customers who increasingly rely on our customized formulation, development and manufacturing expertise to address growing drug complexity, cost pressures and regulatory scrutiny. We partner with many of our customers early in the drug development process, providing us the opportunity to continue to expand our relationship as molecules progress through the clinical phase and into commercial manufacturing. This results in long-term relationships with our customers and a recurring revenue stream. We believe our breadth of services, reliability and scale address our customers’ increasing need to outsource and desire to reduce the number of supply chain partners while maintaining a high quality of service.
The company intends to use the net proceeds from the offering to repay its indebtedness, as well as for working capital and general corporate purposes.
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