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AmerisourceBergen closes sale of AndersonBrecon
May 13th, 2013
VALLEY FORGE, Pa. – AmerisourceBergen Corp. has finalized the divestiture of AndersonBrecon, its contract packaging business.
The pharmaceutical distributor said Monday that according to the terms of the deal announced in early April, AndersonBrecon was sold for $308 million to an entity formed by affiliates of an investor group led by Frazier Healthcare VI L.P.
AmerisourceBergen added that the results of operations of AndersonBrecon are reported within discontinued operations, and the completion of the divestiture has no impact on the company's financial performance expectations for fiscal 2013.
When the deal was announced, Frazier Healthcare, a Philadelphia-based investment and venture capital firm focusing on health care and biopharmaceuticals, said that Packaging Coordinators Inc. (PCI), one of its portfolio companies, will combine with AndersonBrecon to offer services on a global customer scale. PCI provides pharmaceutical and biotechnology packaging services.
AmerisourceBergen's divestiture of AndersonBrecon came just days after the distributor unveiled an agreement to sell AmerisourceBergen Canada Corp. (ABCC), its Canadian pharmaceutical distribution business, to Canadian distributor Kohl & Frisch Ltd. for $80 million to $100 million. That deal is slated to close in the third quarter.
Just over a week before the ABCC deal, AmerisourceBergen announced that it entered a long-term strategic partnership with Walgreen Co. and Alliance Boots.
Under that agreement, Walgreens and AmerisourceBergen plan to expand their current relationship beyond the specialty items distributed by AmerisourceBergen to a 10-year primary distribution agreement for branded and generic drugs. AmerisourceBergen also will get global supply-chain opportunities with the Walgreens-Alliance Boots joint venture, while Walgreens and Alliance Boots receive the right to buy an equity stake in AmerisourceBergen.