Advertisement
News
Advertisement

AmerisourceBergen Announces Sale of AndersonBrecon

Tue, 04/02/2013 - 7:59am

AmerisourceBergen Corporation today announced that it has signed a definitive agreement to sell its contract packaging business, AndersonBrecon, to an entity formed by affiliates of an investor group led by Frazier Healthcare VI, L.P. for the purpose of acquiring AndersonBrecon. 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. The investor group includes affiliates of Greenspring Associates, QIC Global Private Equity, and Thomas McNerney & Partners. The transaction is subject to customary closing conditions, including receipt of certain regulatory reviews, and is expected to close in the third quarter of fiscal 2013, which ends June 30, 2013.

The results of operations of AndersonBrecon were previously and continue to be reported within discontinued operations. Therefore, the agreement has no impact on AmerisourceBergen’s financial performance expectations for fiscal 2013, which were revised on March 28, 2013. Any gain on the sale of AndersonBrecon would be recorded also within discontinued operations upon transaction closing, and is excluded from our fiscal 2013 revised financial expectations.

“We are pleased that AndersonBrecon will join well-established firms heavily invested in the healthcare services market, including the pharmaceutical contract packaging sector,” said Steven H. Collis, AmerisourceBergen President and Chief Executive Officer. “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.”

In June 2012, Frazier Healthcare acquired the US commercial contract pharmaceutical packaging operation of Catalent Pharma Solutions, which it operates as Packaging Coordinators, Inc. AndersonBrecon will combine with Frazier Healthcare portfolio company, Packaging Coordinators, Inc (PCI). The combined companies represent an opportunity to provide healthcare services to pharmaceutical and biotechnology companies on a global scale. Nathan Every, Frazier Healthcare General Partner and PCI board member commented, “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.”

 

Advertisement

Share this Story

X
You may login with either your assigned username or your e-mail address.
The password field is case sensitive.
Loading