Pharma contracting giant AmerisourceBergen ($ABC) is ditching its commercial packaging business, selling the unit to Frazier Healthcare for $308 million in cash.
Last year, Frazier bought Catalent's contract packaging arm for an undisclosed sum, renaming it Packaging Coordinators Inc., and the company plans to fold AmerisourceBergen's outfit, called AndersonBrecon, into that business.
AmerisourceBergen retains the rest of its post-market contracting offerings, including distribution, specialty and manufacturer services businesses, while Frazier gets to bolster PCI's offerings.
"We are extremely excited to add the complementary U.S. and European footprint of AndersonBrecon to the strength of PCI's capabilities," PCI CEO Bill Mitchell said in a statement. "This acquisition is a positive step in PCI's growth strategy."
With the $308 million in hand, AmerisourceBergen can invest in its other operations, and AndersonBrecon will be in good hands with PCI, CEO Steven Collis said in a statement.
"We are pleased that AndersonBrecon will join well-established firms heavily invested in the healthcare services market, including the pharmaceutical contract packaging sector," Collis said. "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."
- read Frazier's announcement
- check out AmerisourceBergen's statement
- here's FiercePharmaManufacturing's take