Seattle venture capital firm Frazier Healthcare has joined with Philadelphia-based Packaging Coordinators to purchase AndersonBrecon, a leading contract pharmaceutical packing company. The unit had previously been owned by health services giant AmerisourceBergen Corporation.
Packaging Coordinators is a portfolio company of Frazier, and the newly-combined entity will operate under the Packaging Coordinators name.
“PCI has been on an aggressive growth track in the last year, focused on providing customers with quality resources and packaging solutions,” said Bill Mitchell, president and CEO of Packaging Coordinators, in a statement. “We will now have a combined operating space of approximately two million square feet, more than 140 commercial and clinical packaging suites, and operations in both the US and UK with over 2,000 associates.”
The company also said that it will now package drugs for 19 of the top 20 global pharmaceutical companies. Last month, when the transaction was first announced, the purchase price was set at $308 million in cash.
Frazier, which was founded in 1991 by former Immunex executive Alan Frazier, was joined in the transaction by QIC Global Private Equity, Greenspring Associates and Thomas, McNearney & Partners.
Previously on GeekWire: Frazier Healthcare raises $281M for latest venture fund
