AmerisourceBergen Corp. (NYSE: ABC), Valley Forge, PA, has agreed 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 $308 million.
The investor group, formed for the purpose of acquiring AndersonBrecon, includes affiliates of Greenspring Associates, QIC Global Private Equity and Thomas McNerney & Partners. The transaction is expected to close in the third quarter of fiscal 2013.
The results of operations of AndersonBrecon were previously and continue to be reported within discontinued operations.
“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 CEO. Collis said the transaction will allow AmerisourceBergen to focus on its distribution, specialty and manufacturer services businesses.
In June 2012, Frazier Healthcare acquired the U.S. 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.; The combined companies represent an opportunity to provide healthcare services to pharmaceutical and biotechnology companies on a global scale.