JLL Announces Expiry of Its Offer to Acquire Patheon and Take Up of Deposited Restricted...

JLL Announces Expiry of Its Offer to Acquire Patheon and Take Up of Deposited
Restricted Voting Shares

NEW YORK, Aug. 27 /PRNewswire/ -- JLL Partners, Inc. and its affiliate, JLL
Patheon Holdings, LLC (collectively, "JLL"), announced today that as at 6:00
p.m. (Toronto time) on August 26, 2009 (the "Expiry Time") a total of
33,854,708 Restricted Voting Shares in the capital of Patheon Inc. ("Patheon")
have, since commencement of the offer, been validly deposited to JLL's offer
to acquire, at a price of US$2.00 cash per Restricted Voting Share, all of the
issued and outstanding Restricted Voting Shares of Patheon (the "Offer"). As
all of the conditions of the Offer have been met, JLL has taken up and made
payment to the Depository for all of the Restricted Voting Shares validly
deposited as of the Expiry Time. Payment will be made on or before Monday,
August 31, 2009 to Patheon shareholders who have validly deposited their
Restricted Voting Shares under the Offer since August 11, 2009.

The Restricted Voting Shares taken up since the Offer was launched represent
approximately 38% of the outstanding Restricted Voting Shares of Patheon not
already owned by JLL or its affiliates and associates. Together with the
Restricted Voting Shares JLL owned prior to the Offer and the 38,018,538
Restricted Voting Shares issued to JLL on July 29, 2009 upon conversion of its
150,000 Patheon convertible preferred shares, JLL or its affiliates and
associates now own 73,523,246 Restricted Voting Shares of Patheon, or
approximately 57% of the outstanding Restricted Voting Shares of Patheon. JLL
is entitled to vote all of its Restricted Voting Shares on any matter
submitted to a vote of Patheon's shareholders, including the election of
directors.

As previously announced, JLL will not extend the Offer to acquire any and all
of the outstanding Restricted Voting Shares of Patheon not already held by JLL
or its affiliates or associates. Also, JLL will not pursue a compulsory
acquisition or subsequent acquisition transaction in connection with the Offer
in order to permit Patheon to resume its normal business operations and allow
management to focus on driving growth in the business. In the absence of the
Offer and the prospect of a related compulsory acquisition or subsequent
acquisition transaction, JLL intends to focus on growing the business and
creating value. However, JLL reserves the right to engage in other
transactions involving Patheon and its securities in the future. For further
information, JLL refers shareholders to its press release dated August 21,
2009.

About JLL Partners

JLL Partners, Inc. is a New York-based leading private equity investment firm
with approximately $4.0 billion of capital under management. JLL's investment
philosophy is to partner with outstanding management teams and invest with
them in companies that they can continue to grow into market leaders. JLL has
invested in a variety of industries, with special focus on financial services,
building products, and healthcare services and medical products. More
information on JLL can be found on the website www.jllpartners.com.

Forward-Looking Statements

Certain statements made in this press release are forward-looking statements
that involve risks and uncertainties. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans", "expects",
"expected", "scheduled", "estimates", "intends", "anticipates", or "believes",
or variations of such words and phrases, or state that certain actions, events
or results "may", "could", "would", "might" or "will" be taken, occur or be
achieved. These forward-looking statements reflect JLL's best judgment based
on current information, factors and assumptions, and although it bases these
statements on circumstances that it believes to be reasonable when made, there
can be no assurance that future events will not affect the accuracy of such
forward-looking information. As such, the forward-looking statements are not
guarantees of future performance or actions, and actual performance and
actions may vary materially from the actions and expectations discussed in
this documentation. JLL disclaims any intention or obligation to update or
revise any forward looking information whether as a result of new information,
future events or otherwise, except as required by applicable law.

The Information Agent for the Offer is:

Laurel Hill Advisory Group
366 Bay Street, Suite 200
Toronto, ON M5H 4B2
Telephone Toll Free (North America):
(888) 290-1555
Telephone Collect (outside North America):
(416) 637-4661

The Dealer Manager for the Offer is:

UBS Securities Canada Inc.
161 Bay Street
Suite 4100, P.O. Box 617
Toronto, ON M5J 2S1
Telephone: (416) 350-2201

SOURCE JLL Partners

Brian Wade of JLL Partners, Inc., +1-347-563-3702