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The Deal: DSM, JLL Join to Create Pharma Company

Tuesday's announcement comes a little more than a year after Patheon agreed to acquire Banner Pharmacaps, a niche maker of gelatin-based capsules, from Vion NV of the Netherlands, for an undisclosed amount. JLL's portfolio of healthcare companies also includes Wakefield, Mass.-based American Dental Partners, Medical Card Systems Inc., of Puerto Rico, and BioClinica, a Newtown, Penn.-based provider of clinical trial management services to pharmaceutical, biotechnology, medical device and contract research organizations worldwide.

The deal is expected to close in the first half of 2014.

DSM, of Heerlen, expects the deal to be accretive to earnings per share from 2014 onwards.

For advice on the deal DSM turned to JPMorgan and Latham & Watkins LLP, supported by Cleary Gottlieb Steen & Hamilton LLP, Norton Rose Fulbright Canada LLP, Allen & Overy LLP and Hinckley, Allen & Snyder LLP.

Morgan Stanley and Jefferies are serving as financial advisers to JLL Partners. Its legal advisers are Skadden, Arps, Slate, Meagher & Flom LLP, Borden Ladner Gervais LLP and Simpson Thacher & Bartlett LLP.

The independent directors at Patheon used BMO Capital Markets as independent valuation expert. RBC Capital Markets is the committee's financial adviser and its law firm is Blake, Cassels & Graydon LLP.

-- Written by Renee Cordes in New York
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