December 12, 2008 / 1:26 PM / 9 years ago

UPDATE 1-Patheon returns to fourth-quarter profit

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TORONTO, Dec 12 (Reuters) - Patheon Inc PTI.TO returned to a fourth-quarter profit on Friday helped by improved performances at its key divisions and a one-time gain.

Patheon, which develops and manufactures drugs for other companies, earned $36.9 million, or 39 cents a share, compared with a loss of $7.5 million, or 8 cents a share for the same time last year.

The 2008 results included a $34.9 million one-time gain on the extinguishment of debt.

Earlier this week Patheon said it would form a special committee to evaluate an unsolicited takeover offer from U.S. private equity firm JLL Partners which already owns 29 percent of the restricted shares. ($1=$1.24 Canadian) (Reporting by Scott Anderson)

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