Pharmaceutical services provider AmerisourceBergen has announced the completion of the sale of its contract packaging business, AndersonBrecon, for $308m.
AmerisourceBergen sold its business to an entity formed by affiliates of an investor group led by Frazier Healthcare VI.
Affiliates of Greenspring Associates, QIC Global Private Equity, and Thomas McNerney & Partners are included in the investor group.
AndersonBrecon will combine with the Frazier Healthcare company portfolio, including Catalent Pharma Solutions, to form Packaging Coordinators (PCI), a provider of pharmaceutical and biotechnology packaging services.
The combined companies will represent an opportunity to provide global healthcare services to pharmaceutical and biotechnology companies.
PCI president and chief executive officer Bill Mitchell said in 2012, the company focused on providing customers with better resources and packaging solutions.
"We will now have a combined operating space of approximately two million square feet, more than 140 commercial and clinical packaging suites, and operations in both the US and UK with over 2,000 associates," Mitchell said.
The combined company will pack products for 19 of the top 20 global pharmaceutical and biotechnology companies.
The results of AndersonBrecon operations are reported within discontinued operations, and the completion of the sale has no impact on AmerisourceBergen’s financial performance expectations for fiscal 2013.
Any gain on the sale will be recorded within the company’s discontinued operations, and is excluded from its updated fiscal 2013 financial expectations.
Golub Capital, a financial services provider, provided a second lien term loan of $75m and $4m in co-investment equity to support the acquisition of AndersonBrecon by PCI.
Image: AndersonBrecon will combine with PCI, a provider of pharmaceutical and biotechnology packaging services; Photo: Courtesy of renjith krishnan.