Dutch Company DSM to Spin Off Pharma Business

Dutch food and chemicals group DSM is spinning off its pharmaceuticals division in a $2.6 billion deal with private equity firm JLL, Reuters reports Tuesday.

DSM / Wikipedia The new company will have annual sales of about $2 billion. It will develop and manufacture drugs - ranging from active ingredients to drug dosages - under contract for the pharmaceutical industry. DSM will sell the division to JLL, which will merge it with Patheon, the Financial Times reports. The deal is expected to close early next year, FT said.