The Cross-Border Biotech Blog

Biotechnology, Health and Business in Canada, the United States and Worldwide

Globe and Mail Story on Patheon-JLL Battle

Hockey_fightBoyd Erman at the Globe and Mail wrote about JLL’s long battle for Patheon in this morning’s paper, following yesterday’s dueling press releases (which I tweeted about @crossborderbio, also appearing to your right on this blog). 

Particularly if you’re new to this saga, I encourage you to read the whole article; but for those who have been getting their info here, I’d note a few particular tidbits about the long and previously good history between the parties:

“… it was JLL’s investment of $150-million in Patheon two years ago that enabled the company to restructure and get through tough times …”

and

“… Patheon was struggling in large part because the 2004 acquisition of a Puerto Rican drug maker called MOVA had gone sour, becoming a big money-loser …”

and notably, clarifies that Viso was the former owner of MOVA.

Maher Yaghi, an analyst at Desjardins Securities who Erman quotes several times in the story, takes a Solomonic approach, reportedly pegging the valuation at $3.75/share which splits the difference between JLL’s USD$2 offer and the $5 valuation Patheon is sticking to (so far).

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One response to “Globe and Mail Story on Patheon-JLL Battle

  1. Pingback: Lonza Emerges as Patheon’s White Knight with $460 Million Bid « The Cross-Border Biotech Blog

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