Pharmaceutical company Probiotec has signed binding transaction documentation to acquire all the issued shares of Australian firm Multipack-LJM.

As part of the agreement, Probiotec will acquire Multipack-LJM and L.J.M. Marketing Services in a deal valued at $52.5m.

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Wes Stringer Probiotec CEO Wes Stringer said: “The acquisition of Multipack-LJM is the next step in Probiotec’s evolution.

“This acquisition will give us significant critical mass and access to an amazing spread of global clients to offer our wide range of manufacturing and packing services.

“This is a material transaction for the group and it is very exciting to bring the Multipack-LJM business under the Probiotec umbrella. I sincerely look forward to welcoming the Multipack-LJM team to Probiotec.”

Multipack-LJM specialises in providing value-added packing services for various pharmaceutical, consumer healthcare, cosmetics and food and beverage companies.

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The company has more than 30,000m2 warehouse capacity in Sydney and Melbourne providing ‘clean room’ and cold-pack services, as well as wide range of automated and manual packing solutions.

Following the acquisition, Multipack-LJM vendors will join the Probiotec executive team.

The deal is expected to conclude at the end of December 2020.

Multipack-LJM NSW head Adam Rawson said: “It is very exciting for the Multipack-LJM business and team. We think the combination of the Probiotec and Multipack-LJM businesses will give us a world leading manufacturing and packing platform to offer our valued customers.”