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Patheon is the leading global provider of outsourced pharmaceutical development and manufacturing services, fine chemicals, and proprietary products and technologies to the pharmaceutical and biotechnology industries worldwide. Patheon was formed in March 2014 through the merger of Patheon, a publicly-traded company on the Toronto Stock Exchange, and DPP, the pharmaceutical services business carved-out of DSM, a publicly-traded Dutch nutrition and fine chemicals company.

INVESTMENT STRATEGY

Attractive Industry Fundamentals: The industry will benefit from growing global demand for pharmaceuticals due to an aging population, the rise of the middle class in emerging markets, and expanded health insurance coverage in the U.S., and increasing outsourcing of non-core functions (e.g., manufacturing) by pharmaceutical companies.


Leading Market Position with End-to-End Outsourcing Capabilities: Patheon is the global market leader in the industry, with an "end-to-end" integrated offering spanning active pharmaceutical ingredients, formulation development and commercial scale drug production. As a result, Patheon is benefiting from customers increasingly seeking service providers with scale and "one-stop-shop" capabilities to reduce the complexity of supply chains.


Large and Highly Fragmented Industry: The $40+ billion contract manufacturing and development services industry is highly fragmented, with over 400 players in aggregate. JLL believes that Patheon can serve as a platform to consolidate the industry through strategic, accretive acquisitions.


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