PCI Announces Definitive Agreement to Acquire Penn Pharma
Packaging Coordinators has reached a definitive agreement to acquire Penn Pharmaceutical Services Limited. Penn Pharma is headquartered in Tredegar, Wales in the United Kingdom and operates regional offices in New Hope, Pennsylvania and Tokyo, Japan. Penn Pharma offers both drug development and manufacturing services, including Clinical and Commercial dosage form manufacturing, as well as Clinical Packaging, Labeling, and global Storage, Distribution and Return Drug Services. Recently, Penn Pharma opened a new world class, purpose-built contained manufacturing facility in response to market need for specialist containment solutions for the development and manufacturing of solid oral dose products containing highly potent compounds. In 2014, Penn launched a capacity expansion project for large scale commercial manufacturing and packaging.
Penn Pharma's drug development, manufacturing, and packaging services complement PCI's own growth in Clinical Trial and Commercial supply services, having expanded both its global operations in North America and Europe. PCI has announced several key investments recently including Cold Chain infrastructure expansions for both storage and logistics as well as support for refrigerated packaging operations. PCI will also open a 97,000 square foot state-of-the-art North American Storage and Distribution facility for investigational products in September of this year.
"We are very excited about adding Penn Pharma's expertise and experience in drug development," states Bill Mitchell, President and CEO of PCI. "Penn Pharma is a recognized leader in this area and the opportunity to combine forces adds significant value for our clients. With Penn Pharma's services, we can partner with clients at the very earliest stages of drug development to support them with drug formulation, analytical development, drug manufacturing, clinical packaging, global distribution, and ultimately supporting the product's commercial launch. This addition expands our vision of lifecycle support from clinical trials through commercialization for our clients' lifesaving therapies."
PCI is principally owned by Frazier Healthcare, with partner investors QIC Global Private Equity, Greenspring Associates and Thomas, McNerney & Partners. Frazier Healthcare, founded in 1991 to invest exclusively in healthcare, is a leading provider of growth equity and venture capital to high growth and emerging healthcare companies.