Dutch life and materials sciences company Royal DSM has decided to spin off its pharmaceutical manufacturing unit into a joint venture with private equity firm JLL Partners in a deal worth roughly $2.6 billion.

Under the terms of the agreement, which was announced Tuesday, DSM Pharmaceutical Products will be spun off to create a yet-to-be-named company in which JLL will own a 51 percent stake. Royal DSM will own the balance of the joint venture. JLL will invest $489 million in cash in the newly formed entity, which will give the unit a value of $670 million.

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