September 9, 2011 / 12:47 PM / 6 years ago

UPDATE 2-Patheon's Q3 loss widens on consultant fee

* Q3 net loss from cont ops $3.2 mln vs $1 mln last year

* Shares fall 4 percent to near three-year low (Adds details about results, share move)

Sept 9 (Reuters) - Contract drugmaker Patheon Inc’s quarterly loss widened, hurt by higher consultation fees paid for the strategic review of its commercial business arm in the U.K. and clinical packaging operation in Ontario.

The Canada-listed company aims to cut down on its geographic reach and plans to move its European headquarters from Switzerland to the UK as well as consolidate its Ontario lab facility into its Toronto operations.

Patheon said while it is not looking to sell its UK pharmaceutical development services, it is fielding indications of interest for its commercial business site in Swindon there.

Patheon, which provides contract development and manufacturing services to the pharmaceuticals industry, expects these moves to help it post sequentially stronger results in the fourth quarter.

The company’s third-quarter net loss from continuing operations widened to $3.2 million, or $0.004 a share, from $1 million, or $0.023 a share last year, mainly due to a 62 percent rise in costs.

Revenue climbed 6 percent to $172.7 million.

The company’s shares, which have lost 27 percent of their value since it last reported results, fell as much as 4 percent to C$1.54 in early trade on Friday on the Toronto Stock Exchange. (Reporting by Ankur Banerjee in Bangalore; Editing by Maju Samuel)

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