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PATHEON ESTABLISHES HEADQUARTERS AND DEVELOPMENT SERVICES LABORATORY IN RESEARCH TRIANGLE PARK, NORTH CAROLINA
Toronto, Canada (June 18, 2008) – Patheon (TSX:PTI), a global provider of drug development and manufacturing services to the international pharmaceutical industry, today announced that it has selected locations in Research Triangle Park (RTP) and Durham, North Carolina for its global headquarters and new analytical development laboratory facilities. The RTP area is located on 7,000 acres of land established in 1959 and is now home to 136 research-based companies ranging from Fortune 100 multinational corporations to small start-ups, and is commonly thought of as one of the largest and successfully growing business centers within the United States today.
“The RTP and Durham locations are both rapidly growing centers for pharmaceutical manufacturing and service providers offering a high availability of pharmaceutical scientists, access to customers, and an excellent quality of life for its residents with an affordable cost of living. There are currently 334 biotechnology-related companies and facilities in North Carolina. During the process, The State government offered some interesting business incentives, which helped the decision-making process a great deal.” said Wes Wheeler, Chief Executive Officer and President, Patheon Inc. “Patheon has over 300 US based customers and derives approximately 50% of its revenues from US based companies. This move positions us to attract top talent from the industry and represents another step towards our vision of becoming best provider of manufacturing and development services to the pharmaceutical industry.”
“We are very pleased that Patheon has chosen North Carolina for its global headquarters and new laboratory facility,” said N.C. Commerce Secretary Jim Fain. “This exciting announcement demonstrates clearly the leadership role North Carolina has developed in the life sciences sector as well as our strong and on-going economic relationship with our Canadian neighbors.”
The analytical development facility will be built to support its current US-based pharmaceutical development operations in Cincinnati and will initially offer stability studies, validation testing and analytical chemistry services. The company has already selected the location of the new site in Research Triangle Park and will be ready for operation in the next three months.
There will be no impact to Patheon’s significant regional presence in Ontario, Canada, where it operates four facilities with over 1,500 employees.
ABOUT PATHEON
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™ 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.
Contacts:
Mr. Wes Wheeler
President & Chief Executive Officer
Tel: (905) 812-2112
Email: wes.wheeler@patheon.com
Mr. Terry Novak
President of North America
Chief Marketing Officer
Tel: (862)-207-1262
Email: terry.novak@patheon.com
Ms. Jean Treadwell
Investor Relations
Tel: (905) 816-8344
Email: jean.treadwell@patheon.com |