Economy

DSM, private equity firm, buy drugmaker Patheon

AMSTERDAM (AP) — Dutch chemicals maker Royal DSM NV and private equity firm JLL are teaming up to buy Canada's Patheon Inc. for $195 million (145 million euros) so they can combine it with DSM's pharmaceuticals arm and then spin off the new combination as a separate company.

Under the deal announced Tuesday, JLL will contribute $489 million to the new company, with the funds used to buy Patheon and pay DSM $200 million. After the deal, JLL will own 51 percent of the new entity, and DSM will own 49 percent.

Patheon's managers, who own a majority of their company, have agreed to the firms' $9.32 per share takeover offer. That's a 64 percent premium to Patheon's closing price Monday.

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