Patheon and Aventis complete supply contracts

Canada-based Patheon has completed its agreement with AventisPharmaceuticals to provide long-term manufacturing and supply services to the latter and to purchase Aventis' pharmaceutical manufacturing and development site located in Cincinnati, Ohio, USA.

The purchase price for the facility was $16 million, subject to normal closing adjustments and the assumption of certain liabilities. The deal was financed through Patheon's existing credit facilities with its bankers and the firm has also acquired inventories of approximately $14 million, consisting of raw materials, packaging components and work in process, to be paid over the next four months and financed through working capital.