OR WAIT 15 SECS
TORONTO, Jan. 30 /CNW/-Patheon (TSX:PTI), a global provider of drug development and manufacturing services to the international pharmaceutical industry, today announced that after pursuing all reasonable alternatives for the past 12 months, it has elected to close its Carolina facility in Puerto Rico effective January 31, 2009.
Certain transitional activities will be continued at the facility for the next few weeks to ensure proper and compliant closure of the facility, however as of January 31, 2009 no further products will be manufactured, packaged or shipped from the facility. As previously disclosed, severance and other closure costs are expected to be approximately USD$3.0 million.
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.
Caution Concerning Forward-Looking Statements
This news release may contain forward-looking statements which reflect management's expectations regarding the Company's future growth of operations, performance (both operational and financial) and business prospects and opportunities. These statements are made in the context of the risks and uncertainties that are outlined in the Company's public documents, which can
be accessed on our website at www.patheon.com or on SEDAR at www.sedar.com.