TORONTO (CP) -- Patheon Inc., a Canadian-based contract manufacturer of pharmaceuticals, has established a Japanese subsidiary and a business office in Tokyo to address customers in the Asia-Pacific region.
The Mississauga, Ont.-based company, which has 4,700 employees worldwide, has 10 manufacturing and six development facilities in the United States, Canada and Europe.
''This provides Patheon with a permanent presence in Japan to target new customers and support existing ones in Japan and other Asian markets,'' said Wes Wheeler, Patheon's president and chief executive officer.
''Patheon's growing number of development projects in Asia, particularly Japan, has highlighted the need to establish a physical presence in this key market to more efficiently support and service our valued customers in the region.''
Although the company has been struggling and downsizing for several years to overcome lingering problems related to its purchase of Mova Pharmaceutical in Puerto Rico in 2004, prior to that the company had a good track record of growth.
The company is scheduled to release its second-quarter results on Friday.
Five analysts who track Patheon are estimating its revenues for the quarter ended April 30 will be in a range of $169 million to $181 million, with the consensus at $172 million. That would be below last year's second-quarter revenues of $181 million.
The consensus estimate also calls for a loss of two cents per share, which would be an improvement on the loss of six cents excluding special items reported in the second quarter of 2007, according to Thomson Financial.
Including restructuring costs, Patheon reported a loss of 24 cents per share in the second quarter of 2007.
