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pharmiweb.com today | 30 July 2014

PENN PHARMA ANNOUNCES AGREEMENT FOR THE INTENDED SALE OF ITS BUSINESS TO PACKAGING COORDINATORS INC.

Penn Pharmaceutical Services Ltd (Penn Pharma) announces an agreement for the sale of its business to Packaging Coordinators Inc (PCI) in a £127million deal.  This transaction provides a final exit for leading mid-market private equity firm LDC which invested £33m in 2007 with completion due shortly.

The pharmaceutical manufacturers’ specialism in drug development, manufacturing and packaging services will complement US based PCI’s growth in clinical trial and commercial supply services in both North America and Europe....

Commenting on the acquisition, Richard Yarwood, Chief Executive Officer, Penn Pharma said: “By combining the expertise and resources of PCI and Penn Pharma, we are able to offer exceptional outsourcing solutions to the international healthcare industry.  This is a very exciting time, the specialist expertise from Penn together with the experience and global footprint of PCI will provide even more opportunities to support our customers’’  

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