Patheon, a provider of drug manufacturing and development services for the pharmaceutical industry, is going public again. And its IPO could be worth as much as $700 million, according to an IPO tracking firm.
On Monday, Durham-based Patheon, which was taken private two years ago, by new owners, filed paperwork for an initial public offering estimated at around $100 million.
However, given the revenues of the firm and the performance of a competitor (Catalent), Renaissance Capital estimates that a Patheon IPO could generate as much as $700 million.
“[T]he deal size is likely a placeholder for an IPO that we estimate could raise $700 million,” Renaissance reported..
Patheon shares were traded on the Toronto stock exchange before the firm was bought by JLL Partners and DSM for $1.4 billion, Renaissance noted. Catalent went public last year, raising $871 million.
Patheon will trade under the symbol PTHN, but no exchange was listed.
J.P. Morgan, Morgan Stanley, Jefferies and UBS will handle the IPO.
