Patheon, which provides outsourced contract drug manufacturing and development services, announced terms for its IPO on Monday.
The Amsterdam, Netherlands-based company plans to raise $625 million by offering 30.5 million shares (16% insider) at a price range of $19 to $22. At the midpoint of the proposed range, Patheon would command a market value of $2.9 billion.
Patheon was founded in 1974 and booked $1.8 billion in sales for the 12 months ended April 30, 2016. It plans to list on the NYSE under the symbol PTHN. J.P. Morgan, Morgan Stanley, Jefferies, UBS Investment Bank, Credit Suisse, Evercore ISI and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of July 18, 2016.
