Lonza Announces Withdrawal of Bid for Patheon

20-Oct-2009 - Switzerland

Lonza Group AG announced that it has withdrawn its previously announced non-binding proposal to acquire all of the outstanding restricted voting shares of Patheon Inc at a price of US$3.55 per restricted voting share.

While Lonza continues to believe that entry into the formulation contract manufacturing business fits within Lonza's current growth strategy, a combination of factors including value considerations, the rejection of the Lonza proposal by the majority shareholder of Patheon, and the availability to Lonza of possible alternatives makes the proposed acquisition unattractive to Lonza at this time. Lonza and Patheon have also agreed to terminate discussions regarding other strategic options that would not involve the sale of JLL's shares.

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