Patheon, Inc.’s chief executive officer, Robert C. Tedford, has decided to retire in order to pursue personal interests. The selection committee of Patheon’s board of directors is actively seeking a new chief executive officer. In the meantime, the office of the chief executive officer will carry out the responsibilities on an interim basis. The office of the chief executive officer consists of Peter A. W. Green, chairman of the board of Patheon, Nick A. DiPietro, president and chief operating officer, and Douglas L. Ludwig, chief financial officer and executive vice president. Mr. Tedford originally planned to retire by March 31, 2007

“Bob has been a strong leader for our company and we thank him for his tireless efforts over the past 14 years,” said Mr. Green. “We understand and support Bob’s decision to retire now and we wish him well. Bob and his management team have built a strong platform for continued growth and have developed a first-class organization that can manage the company effectively until the right successor can be named.”

Mr. Tedford joined Patheon as chief financial officer in 1992 and became chief executive officer in 1996. Since then, the company’s assets have increased to more than $1 billion, while revenues have grown to almost $700 million. Mr. Tedford has served on the board of directors since 1993 but, with his retirement, will also resign his position as a director.

“It has been my privilege to serve as chief executive officer of Patheon for the past 10 years and I am proud of what we have accomplished,” Mr. Tedford said. “We have built a world leader in pharmaceutical manufacturing and development services in North America and Europe. I am proud of the dedication and professionalism of Patheon’s employees and its strong management team. I am confident that they will continue to meet all future challenges and seize the opportunities ahead as they take the company to the next stage of its development.”