Trade Resources Industry Views Amerisourcebergen Completes Sale of Andersonbrecon's Contract Packaging Business

Amerisourcebergen Completes Sale of Andersonbrecon's Contract Packaging Business

Drug distributor in the US, AmerisourceBergen has completed the previously announced sale of AndersonBrecon's contract packaging business to an investor group headed by Frazier Healthcare Ventures, in a deal worth $308m.

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, "We are pleased that AndersonBrecon will join well-established firms heavily invested in the healthcare services market, including the pharmaceutical contract packaging sector."

AndersonBrecon will be combined with Frazier Healthcare's US commercial contract pharmaceutical packaging operation, which was acquired in 2012 from Catalent Pharma Solutions and operates as Packaging Coordinators (PCI).

PCI president and chief executive officer Bill Mitchell said the company will now have a combined operating space of about two million square feet, more than 140 commercial and clinical packaging suites, as well as operations in both the US and UK.

"Combined, we will now package product for 19 of the top 20 global pharmaceutical/biotechnology companies," Mitchell said.

According to AmerisourceBergen, the completion of the divestiture has no impact on its financial performance expectations for fiscal 2013, as the results of operations of AndersonBrecon are reported within discontinued operations.

Any gain on the divestiture will be recorded within discontinued operations, and is excluded from the company's updated fiscal 2013 financial expectations.

Financing solutions provider Golub Capital provided a $75m second lien term loan and $4m in co-investment equity to support the acquisition of AndersonBrecon by PCI.

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AmerisourceBergen Concludes Sale of Contract Packaging Business in $308m Deal