Patheon will acquire softgel-specialist company Banner Pharmacaps, based in North Carolina in the US, for $255 million. The acquisition will provide Patheon with several new products, technologies and facilities, and is also in line with the company’s intention to further develop its oral dosage development and manufacturing services.

According to a press statement, Banner Pharmacaps is the second largest pharmaceutical business in the world focused on developing softgel formulations. The company has research laboratories and manufacturing facilities in the US, the Netherlands, Canada and Mexico.

James C. Mullen, CEO of Patheon, said in the statement, “The transaction provides is with a well-balanced portfolio of proprietary products, state-of-the-art facilities with enhanced capabilities, as well as an expanded geographical presence. We believe our visibility with in the industry will be further strengthened as we pass the $1-billion revenue mark.”

Patheon is purchasing Banner Pharmacaps from VION N.V., a manufacturer of foodstuffs and ingredients based in the Netherlands. VION intends to now focus on its core business in the food industry.

The acquisition is expected to close by the end of this year.