Frazier Healthcare is pleased to announce that it has signed a definitive agreement to acquire AndersonBrecon, the contract pharmaceutical packaging business and wholly owned subsidiary of AmerisourceBergen Corporation (NYSE: ABC). Packaging Coordinators, Inc., (PCI) a provider of pharmaceutical and biotechnology packaging services and Frazier Healthcare portfolio company, will combine with AndersonBrecon to offer services on a global customer scale.
"We are extremely excited to add the complementary U.S. and European footprint of AndersonBrecon to the strength of PCI's capabilities," said Bill Mitchell , PCI's Chief Executive Officer. "This acquisition is a positive step in PCI's growth strategy."
The transaction increases Frazier Healthcare's investment in a growing and exciting industry in healthcare services. "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," said 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. Goodwin Procter LLP represented Frazier Healthcare and PCI in the transaction.
About Frazier Healthcare
Founded in 1991, Frazier Healthcare is a leading provider of growth equity and venture capital to high growth and emerging healthcare service and biopharma companies. With over $1.8 billion under management across seven funds, Frazier Healthcare has invested in more than 140 companies across the entire developmental spectrum. From seed stage venture investments to leveraged recapitalizations of case generating companies, Frazier Healthcare has established itself among entrepreneurs and seasoned executives as a preferred partner to help create and grow successful healthcare companies. For more information about Frazier Healthcare, visit the company's website at www.frazierhealthcare.com.
About Greenspring Associates
Established in 2000 as a global venture capital firm, Greenspring Associates currently manages both a dedicated late stage direct investment platform as well as a globally diversified fund-of-funds platform. Since inception, the Firm has invested in over 55 portfolio companies alongside of its leading venture capital and growth equity managers both in the United States and Europe. Through the Firm's value-added investment approach, it primarily invests across the information technology and communications stack, as well as healthcare and energy-related technologies. The Firm currently manages over $2.2 billion in committed capital for a diverse group of pension plans, insurance companies, foundations, endowments and family offices in North America, Europe, Middle East, Australia and Asia.
About QIC Private Equity
QIC Global Private Equity (QIC GPE) is a business unit of QIC Limited (QIC) and acts as an in-house private equity team, managing over $3 billion for institutional investors including superannuation, pension and sovereign wealth funds. Operating with a strong principal investment mindset and uncompromising fiduciary standards, QIC GPE develops, implements and adapts private equity solutions that seek to deliver higher performance over time. Located in Brisbane, Sydney, San Francisco and Copenhagen the team is comprised of twelve investment professionals plus extensive support staff. QIC is one of the largest institutional investment managers in Australia, with $69.3 billion* in funds under management. More info www.qic.com *as at 31 December 2012.
About Thomas, McNerney & Partners
Thomas, McNerney & Partners is a health care venture firm with approximately $600 million under management, focused on investing in innovative life science and medical technology companies at all stages of development. In addition to helping entrepreneurs launch companies with seed and early stage funding, the firm provides growth capital to emerging companies to advance clinical development or for product commercialization. Thomas, McNerney & Partners also is involved in spinning out products and divisions from major medical device and pharmaceutical companies, consolidating companies through roll-up strategies and participating in structured financings for public companies, as well as recapitalizations. The firm has offices in Connecticut, Minnesota and California. For further information, please visit www.tm-partners.com.
About Packaging Coordinators, Inc.
Packaging Coordinators, Inc. offers unparalleled expertise in a range of proprietary pharmaceutical and biotechnology packaging innovations for healthcare clients across all markets. PCI leads the field in providing cutting-edge customized healthcare packaging solutions that improve patient adherence and uphold the most stringent safety requirements. For more information about PCI and its state of the art facilities in Philadelphia, PA and Woodstock, IL, visit the company's website at www.pciservices.com
Read more: Frazier Healthcare Acquires AndersonBrecon from AmerisourceBergen - FiercePharma Manufacturing http://www.fiercepharmamanufacturing.com/press-releases/frazier-healthcare-acquires-andersonbrecon-amerisourcebergen#ixzz2PcP6ohW2
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