Patheon raises $625M through public offering

Amsterdam-based contract drug developer Patheon has raised an eye-watering $625 million by offering 29.8 million shares at $21 a pop.

This offering, with 16% going to insiders, was at the high end of its range announced earlier this month. Patheon will list under the NYSE with the ticker $PTHN and now commands a market cap worth around $3 billion.

The company, run by former Biogen ($BIIB) CEO James Mullen, booked $1.8 billion in sales for the 2015-2016 financial year ending in April, with its IPO bucking a negative trend, notably in biotech, of severe headwinds that have blown many attempts at going public off course. 

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Patheon said in its recent SEC-1 that it will use the cash to repay all of its outstanding $550 million of Senior PIK toggle notes, pay-related fees, expenses and accrued interest.

“Patheon will not receive any proceeds from the sale of ordinary shares by the selling stockholder,” it added.

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Related Article:
Patheon guns for huge $625M IPO after major growth spurt

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