Patheon N.V. , a contract development and manufacturing organization for active pharmaceutical ingredients and drug products, has announced the pricing of the initial public offering of 29,761,905 of its ordinary shares at a public offering price of $21.00 per share. Patheon is selling 25 million ordinary shares and the selling stockholder named in the prospectus is selling 4,761,905 ordinary shares. In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 4,464,286 ordinary shares from the company.

The ordinary shares of the company are scheduled to begin trading on the New York Stock Exchange on July 21, 2016 under the symbol “PTHN.” The offering is expected to close on or about July 26, 2016, subject to customary closing conditions.

The company intends to use the net proceeds it receives from the offering and cash on hand to repay all of its outstanding $550 million of Senior PIK Toggle Notes, pay related fees and expenses and accrued interest. Patheon will not receive any proceeds from the sale of ordinary shares by the selling stockholder.

Source: Patheon