Patheon Inc. Overencapsulator.
Patheon Inc. , a Toronto-based drug developer and manufacturer, says the president of its North American operations will leave the company Nov. 1.
Patheon said Wednesday that Peter Bigelow plans to pursue other opportunities, but will remain a consultant for a while as the company continues on a restructuring and efficiency drive to return to profitability.
"Patheon has benefited immensely from Peter's leadership and is pleased to announce that Peter has agreed to enter into a consulting relationship with the company for a certain period of time to ensure a smooth transition as we continue to focus on the transformation," said Jim Mullen, Patheon's chief executive officer.
Mr. Bigelow noted the company and its North American commercial operations "continue to have a strong quality record and focus on customer service."
"I am proud of everyone's efforts in helping us achieve our No. 2 market position in commercial manufacturing world wide," he said.
Patheon provides contract development and manufacturing services to the global pharmaceutical industry and has operations in Canada, the United States and abroad.
Earlier this month, the company said it may spin off or sell its packaging operation in Burlington, Ont., as part of an ongoing restructuring of global operations intended to return the company to profitability.
The Toronto-based company also announced it has received indications of interest in its Swindon, U.K., manufacturing site, which produces highly specialized products known as sterile powdered cephalosporins.
Mr. Mullen told analysts on a conference call after Patheon's latest financial report that the company continues to put more resources into drug development services, which have more potential than contract manufacturing and packaging.
In its lates financial report, Patheon cut its third-quarter loss as it benefited from higher revenue and a large tax break.
The company reported a $700,000 (U.S.) net loss attributable to restricted voting shareholders, including $200,000 from discontinued operations. That compared to a loss of $3 million a year earlier, including discontinued operations.
Revenue for the contract drug maker, reported in U.S. currency, rose to $172.7 million from $163.3 million.