JLL bids C$229m for drug company Patheon

The private equity firm, formerly called Joseph Littlejohn & Levy, holds a 30% stake in the Canadian company.

JLL Partners has submitted an unsolicited bid to buy the remaining stake in Canadian pharmaceutical company Patheon for C$2.54 (€1.56; $2) a share, valuing the deal at about C$229 million.

Patheon’s share price was C$1.07 at market close on Friday. It bounced to $1.75 by the end of trading Monday.

JLL, which owns a 30 percent stake in Patheon, wants to take control of the entire company. Patheon is forming a special committee of the board of directors to review the bid and make recommendations.

The transaction could be affected if Patheon experiences a material adverse change, according to a press release from JLL.

JLL, founded in 1988, has managed a series of funds with total capital of $4 billion under management.  The firm makes control equity investments in mid-market companies. Past investments include structured settlement company JG Wentworth; NetSpend, a processor of pre-paid debit card products and Education Affiliates, an operator of post-secondary schools.