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Friday, March 8, 2013

Patheon's loss widens on refinancing, acquisition costs, (TSE: PTI.TO)

Contract drugmaker Patheon Inc reported a wider first-quarter loss on charges related to its acquisition of Banner Pharmacaps. Loss from continuing operations rose to $51.4 million, or 38 cents per share, from $19.3 million, or 15 cents per share, a year earlier.Patheon, which provides contract development and manufacturing services to pharmaceutical companies, said revenue rose 39 percent to $213.5 million.The North Carolina-based company recorded a $29.1 million refinancing charge. It booked acquisition-related costs of $4.4 million and restructuring charges of $4 million.Patheon bought Banner Pharmacaps last year, which focuses on gelatin-based oral drug delivery technology, for $255 million, to expand its presence in the over-the-counter market and gain a foothold in Mexico.

Patheon Inc. is a provider of commercial manufacturing outsourcing services (CMO) and outsourced pharmaceutical development services (PDS) to the global pharmaceutical industry. Shares of PTI traded higher by 5.51% or $0.19/share to $3.64. In the past year, the shares have traded as low as $1.61 and as high as $4.00. On average, 66783 shares of PTI.TO exchange hands on a given day and today's volume is recorded at 30073.