Sector News

Patheon Acquires IRIX Pharmaceuticals

March 5, 2015
Life sciences
Patheon, a leading global provider of high-quality drug development and delivery solutions to the pharmaceutical and biopharma sectors, announced it has reached a definitive agreement to acquire IRIX Pharmaceuticals, a company headquartered in Florence, S.C., that specializes in difficult to manufacture Active Pharmaceutical Ingredient (API) needs for drugs from early and late development, through commercial launch. Patheon will purchase IRIX and expects to close the transaction in the next 60 days.
 
Patheon secures additional API development and manufacturing services in the U.S., including high-potency (SafeBridge® Class IV certified) and controlled substances (Schedule 1-4), better meeting customers’ most challenging needs. IRIX has a well-established reputation for the optimization of chemical processes and scale up for commercial API manufacturing at sites in Greenville and Florence, S.C.
 
“This is an exciting time at Patheon as we continue to secure important capabilities around the globe to address growing customer needs,” said Lukas Utiger, president, DPx Fine Chemicals and leader of the Patheon OneSourceTM offering. “With this deal we expand our Patheon OneSourceTM integrated offering and leverage years of operational experience and scientific excellence at IRIX to complement Patheon’s existing API operations in Europe.”
 
Patheon and IRIX combined, offer an array of cutting edge process technologies, including biocatalysis, homogeneous catalysis and microreactors, and are well positioned to address an extensive range of supply chain issues for customers.
 
“Combining companies with shared commitments to both scientific excellence and customer service drives industry excellence, and we are excited to become part of the Patheon network,” said Guy Steenrod, chief executive officer, IRIX. “This is a strategic deal that allows us to help customers solve complex challenges with comprehensive, integrated solutions.”
 
Both Patheon and IRIX have excellent track records with regulatory authorities and are widely recognized as leaders in quality.
 
Completion of the transaction is subject to customary regulatory review. Patheon legal counsel was provided by Skadden, Arps, Slate, Meagher and Flom. Wells Fargo Securities served as exclusive financial advisor to IRIX Pharmaceuticals, with legal counsel provided by Wyrick Robbins Yates and Ponton LLP.
 
Source: Patheon

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