Trlpc patheon to raise 150 mln euro loan for irix acquisition

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US drug manufacturing firm Patheon is set to raise 150 million euros ($162.78 million) of extra loans to back the company's acquisition of South Carolina-headquartered pharmaceutical firm IRIX Pharmaceuticals, banking sources said on Monday. Patheon announced on March 4 it had agreed to buy IRIX, which specialises in difficult to manufacture Active Pharmaceutical Ingredients (API). The acquisition is expected to close in the next 60 days.

UBS is leading the financing which will be syndicated to institutional investors shortly. A lender call is due to take place on March 10 at 6pm UK time, when more details of the financing will emerge, the sources said.

In 2014, New York-based private equity firm JLL Partners, which owned a controlling stake in Patheon, acquired a majority stake in DSM Pharmaceutical Products, a pharmaceuticals unit of Dutch food and chemicals group Royal DSM.

It combined the businesses to form a new joint venture majority-owned by JLL. The acquisition was backed with a $1.35 billion loan denominated in dollars and euros, according to Thomson Reuters LPC data. ($1 = 0.9215 euros)