AmerisourceBergen, a US-based drug distributor, has announced the signing of a definitive agreement to sell its contract packaging business AndersonBrecon for $308m.
The company will sell the business to an entity formed by affiliates of an investor group led by Frazier Healthcare.
According to AmerisourceBergen, the investor group includes affiliates of Greenspring Associates, QIC Global Private Equity and Thomas McNerney & Partners.
AmerisourceBergen president and chief executive officer Steven Collis said the business will join other firms in the healthcare services market, including the pharmaceutical contract packaging sector.
"This transaction will help ensure that AndersonBrecon will continue to thrive in the years ahead, and allows AmerisourceBergen to focus on its distribution, specialty and manufacturer services businesses," Collis said.
Frazier Healthcare acquired the US commercial contract pharmaceutical packaging operation of Catalent Pharma Solutions in June 2012 which it operates as Packaging Coordinators (PCI).
AndersonBrecon will combine with PCI, which will see the combined companies represent an opportunity to provide healthcare services to pharmaceutical and biotechnology companies on a global scale.
Any gain on the sale of the business would be recorded within discontinued operations upon closing of the deal, and is excluded from the company's fiscal 2013 revised financial expectations, AmerisourceBergen said.
The transaction, which is expected to close in the third quarter of fiscal 2013, is subject to customary closing conditions, including receipt of certain regulatory reviews.
AmerisourceBergen serves both healthcare providers and pharmaceutical manufacturers in the pharmaceutical supply channel, and provides drug distribution and related services.
Image: AndersonBrecon will join other firms in the pharmaceutical contract packaging sector; Photo: Courtesy of renjith krishnan