PCI Announces Definitive Agreement to Acquire Penn Pharma PCI's Expands Service Offering with Acquisition of Penn Pharma
PHILADELPHIA, July 30, 2014 /PRNewswire/ -- Packaging Coordinators, Inc. (PCI) is pleased to announce it has reached a definitive agreement to acquire Penn Pharmaceutical Services Limited (Penn Pharma). Penn Pharma is headquartered in Tredegar, Wales in the United Kingdom and operates regional offices in New Hope, Pennsylvania and Tokyo, Japan. Penn Pharma offers both drug development and manufacturing services, including Clinical and Commercial dosage form manufacturing, as well as Clinical Packaging, Labeling, and global Storage, Distribution and Return Drug Services. Recently, Penn Pharma opened a new world class, purpose-built contained manufacturing facility in response to market need for specialist containment solutions for the development and manufacturing of solid oral dose products containing highly potent compounds. In 2014, Penn launched a capacity expansion project for large scale commercial manufacturing and packaging.
Penn Pharma's drug development, manufacturing, and packaging services complement PCI's own growth in Clinical Trial and Commercial supply services, having expanded both its global operations in North America and Europe. PCI has announced several key investments recently including Cold Chain infrastructure expansions for both storage and logistics as well as support for refrigerated packaging operations. PCI will also open a 97,000 square foot state-of-the-art North American Storage and Distribution facility for investigational products in September of this year.
"We are very excited about adding Penn Pharma's expertise and experience in drug development," states Bill Mitchell, President and CEO of PCI. "Penn Pharma is a recognized leader in this area and the opportunity to combine forces adds significant value for our clients. With Penn Pharma's services, we can partner with clients at the very earliest stages of drug development to support them with drug formulation, analytical development, drug manufacturing, clinical packaging, global distribution, and ultimately supporting the product's commercial launch. This addition expands our vision of lifecycle support from clinical trials through commercialization for our clients' lifesaving therapies."
PCI is principally owned by Frazier Healthcare, with partner investors QIC Global Private Equity, Greenspring Associates and Thomas, McNerney & Partners. Frazier Healthcare, founded in 1991 to invest exclusively in healthcare, is a leading provider of growth equity and venture capital to high growth and emerging healthcare companies.
About Penn Pharma
As one of the longest established pharmaceutical services companies, Penn Pharma has 30 years of experience in providing integrated drug development, clinical trial supply and manufacturing services to the international healthcare industry. Penn Pharma is privately owned and operates from a single site facility in South Wales, UK where we employ circa 300 highly skilled staff.
The global healthcare industry trusts PCI for the packaging solutions that increase their products' speed to market and opportunities for commercial success. Only PCI brings the proven experience that comes with more than 50 successful product launches a year and over four decades in the healthcare business. Leading technology and continued investment enables us to address global packaging needs throughout the product life cycle — from Phase I clinical trials through commercialization and ongoing supply. Our clients view us as an extension of their business and a collaborative partner, with the shared goal of improving patients' lives. For more information please visit www.pciservices.com or follow us on Twitter at @PCI_Social.
About Frazier Healthcare
Founded in 1991, Frazier Healthcare is a leading provider of growth equity and venture capital to high growth and emerging healthcare service and biopharma companies. With over $1.8 billion under management across seven funds, Frazier Healthcare has invested in more than 140 companies across the entire developmental spectrum. From seed stage venture investments to leveraged recapitalizations of cash generating companies, Frazier Healthcare has established itself among entrepreneurs and seasoned executives as a preferred partner to help create and grow successful healthcare companies. For more information about Frazier Healthcare, visit the company's website at www.frazierhealthcare.com.
About Greenspring Associates
Established in 2000 as a global venture capital firm, Greenspring Associates currently manages both a dedicated late stage direct investment platform as well as a globally diversified fund-of-funds platform. Since inception, the Firm has invested in over 55 portfolio companies alongside of its leading venture capital and growth equity managers both in the United States and Europe. Through the Firm's value-added investment approach, it primarily invests across the information technology and communications stack, as well as healthcare and energy-related technologies. The Firm currently manages over $2.2 billion in committed capital for a diverse group of pension plans, insurance companies, foundations, endowments and family offices in North America, Europe, Middle East, Australia and Asia.
About QIC Private Equity
QIC Global Private Equity (QIC GPE) is a business unit of QIC Limited (QIC) and acts as an in-house private equity team, managing over $3 billion for institutional investors including superannuation, pension and sovereign wealth funds. Operating with a strong principal investment mindset and uncompromising fiduciary standards, QIC GPE develops, implements and adapts private equity solutions that seek to deliver higher performance over time. Located in Brisbane, Sydney, San Francisco and Copenhagen the team is comprised of twelve investment professionals plus extensive support staff. QIC is one of the largest institutional investment managers in Australia, with $69.3 billion* in funds under management. More info www.qic.com. *as at 31 December 2012.
About Thomas, McNerney & Partners
Thomas, McNerney & Partners is a health care venture firm with approximately $600 million under management, focused on investing in innovative life science and medical technology companies at all stages of development. In addition to helping entrepreneurs launch companies with seed and early stage funding, the firm provides growth capital to emerging companies to advance clinical development or for product commercialization. Thomas, McNerney & Partners also is involved in spinning out products and divisions from major medical device and pharmaceutical companies, consolidating companies through roll-up strategies and participating in structured financings for public companies, as well as recapitalizations. The firm has offices in Connecticut, Minnesota and California. For further information, please visit www.tm-partners.com.
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SOURCE Packaging Coordinators, Inc.