Frazier Healthcare, a provider of growth equity and venture capital to emerging healthcare service and biopharma companies, has signed a definitive agreement to acquire AndersonBrecon, a contract pharmaceutical packaging business and wholly owned subsidiary of AmerisourceBergen.
AndersonBrecon will combine with Packaging Coordinators (PCI), a provider of pharmaceutical and biotechnology packaging services and Frazier Healthcare portfolio company, to offer services on a global customer scale. The transaction increases Frazier Healthcare's investment in a growing industry in healthcare services.
"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 , CEO of PCI. "This acquisition is a positive step in PCI's growth strategy."
"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, general partner of Frazier Healthcare 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 represented Frazier Healthcare and PCI in the transaction.