Drug distributor AmerisourceBergen Corp. agreed to sell its packaging business AndersonBrecon for $308 million in cash to a coalition of private equity investors.
The investor group is led by Frazier Healthcare Ventures, which will combine the packaging unit with a similar business it acquired in 2012 from Catalent Pharma Solutions. The deal is expected to close by June 30, Chesterbrook, Pennsylvania-based AmerisourceBergen said in a statement today.
“We are pleased to merge two stellar players within the pharmaceutical and biotech packaging business,” said Nathan Every, general partner at Seattle-based Frazier.
AmerisourceBergen announced that it would sell the unit in November. Shedding the operation will let the company focus on distribution and services to drugmakers. The unit is already counted as a discontinued business and its divestiture won’t affect the company’s financial results.
The investor group also includes Greenspring Associates Inc., QIC Global Private Equity, and Thomas McNerney & Partners.