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news.Patheon has completed the acquisition of Banner Pharmacaps, a specialty pharmaceutical business focused on research, development and manufacturing of gelatin-based dosage forms.
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The acquisition included purchase of all the shares of the entities through which Banner conducts its operations for a purchase price of nearly $255m, subject to adjustment for working capital and pay-off amounts for existing debt and transaction expenses.
As part of finalising the acquisition, Patheon has also completed its previously announced refinancing in relation to $660m senior secured facilities, which include $575m term loan facility and a $85m revolving facility.
Patheon may have used or is expecting to source new facilities to finance the purchase of Banner, repurchase its existing senior secured notes, repay any borrowings outstanding under its existing revolving credit facility, pay fees and expenses associated with the transactions and for general corporate purposes.
Based in US, Banner has four manufacturing facilities, proprietary technologies and products as well as additional research labs and manufacturing facilities in the Netherlands, Canada and Mexico.
Banner delivers proprietary softgel formulations, according to Patheon.