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AmerisourceBergen to buy biopharma logistics firm
March 6th, 2012
VALLEY FORGE, Pa. – AmerisourceBergen Corp. plans to acquire World Courier Group Inc., a global specialty transportation and logistics provider for the biopharmaceutical industry, for $520 million in cash.
The pharmaceutical distributor said Tuesday that plans call for World Courier to become a new operating segment within the company. Pending regulatory approval and other conditions, the deal is expected to close in the fiscal 2012 third quarter ending June 30.
World Courier provides transportation, storage and distribution services for multinational biopharmaceutical clinical trials in addition to other end markets.
"The acquisition of World Courier adds a new premium specialty service to our existing portfolio of market leading pharmaceutical manufacturer services," Steven Collis, AmerisourceBergen president and chief executive officer, said in a statement. "The addition of World Courier's unique capabilities and expertise to our existing commercialization services further strengthens our offerings to global pharmaceutical manufacturers, and provides an established platform for the introduction of our specialty services outside North America."
World Courier president Wayne Heyland will remain in that post, reporting directly to Collis, AmerisourceBergen said.
"We are very pleased to bring our global expertise and decades of experience serving international biopharmaceutical manufacturers and contract research organizations (CROs) to AmerisourceBergen," stated Heyland. "Our shared values and similar cultures will ensure the smooth integration of our premium services, which will help both of our organizations take advantage of the tremendous growth opportunities that lie ahead, particularly in international markets. We are very excited to become an integral part of the largest specialty distribution and services provider in the world."
According to AmerisourceBergen, World Courier's annual revenues are expected to be about $500 million in calendar year 2012. It has over 137 offices, 13 GMP-compliant storage depots and 2,500 employees in 52 countries.