JLL Partners has inked an agreement to acquire Patheon (TSX: PTI) for $9.32 per share. The offer implies an equity value for the company of about $1.4 billion. JLL already owns 55.7% of the restricted voting shares of the company and all of the outstanding class I preferred shares, Series D. Patheon is a global provider of development and commercial manufacturing services for solid and sterile prescription drugs.
Concurrent with the take-private buyout, Royal DSM is merging its pharmaceutical products business with Patheon in exchange for a 49% position in the new company. JLL will control a 51% stake in the new company and reinvest another $489 million into the combined company using another fund.