Patheon,(NYSE:PTHN) the contract drug maker headquartered in Durham, priced its initial public offering of stock at $21 and closed up 17 percent at $25 a share, Thursday.

It sold 17.6 million shares.

Formerly Patheon Pharmaceuticals, the company is a business unit of DPx Holdings. It will use the approximately $670 million raised in the IPO to pay down its $550 in debt.

The company moved to the Triangle from Canada in 2008. (

The company employs 8,700 people globally, with 5,100 in North America and about 150 in Durham