AmerisourceBergen sells contract pharmaceutical packaging business to Frazier Healthcare
PHILADELPHIA — Frazier Healthcare on Tuesday announced its acquisition of AndersonBrecon, the contract pharmaceutical packaging business and wholly owned subsidiary of AmerisourceBergen. Packaging Coordinators, a provider of pharmaceutical and biotechnology packaging services and Frazier Healthcare portfolio company, will combine with AndersonBrecon to offer services on a global scale.
"We are pleased to merge two stellar players within the pharmaceutical and biotech packaging business and believe that the combined company will deliver industry leading quality and service to our customers and a world-class environment for our employees," stated Nathan Every, Frazier Healthcare general partner and PCI board member.
The purchase price for the transaction is $308 million in cash, subject to customary adjustments for, among other things, the working capital of the business. In addition to Frazier, the investor group includes affiliates of Greenspring Associates, QIC Global Private Equity and Thomas McNerney & Partners, who were part of the transaction.
The purchase of AndersonBrecon is subject to customary closing conditions, including certain regulatory reviews, and is expected to close in the second quarter of 2013. RBC Capital Markets acted as exclusive financial advisor to PCI, Frazier Healthcare and co-sponsors.