Penn Pharmaceutical Services has announced an agreement for the sale of its business to Packaging Coordinators Inc (PCI) in a £127-million deal.
This transaction provides a final exit for leading mid-market private equity firm LDC, which invested £33 million 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.
Penn Pharmaceuticals is a global provider of specialist pharmaceutical services headquartered in Tredegar, Wales in the UK. The company provides selected contract development and manufacturing organisation (CDMO) services to a global customer base to support the outsourcing needs of international customers including those in Europe, the US and Japan.
In recent years, Penn Pharma has invested significantly in its capabilities and capacity. In 2013 Penn 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 dose products containing highly potent compounds.
In 2014, Penn launched an additional capacity expansion programme for large-scale commercial manufacturing and packaging operations. The continued investments made by Penn Pharma and the commitment to quality and customer service have ensured significant growth and has uniquely positioned the company in the specialist outsourcing market helping to grow existing business and drive significant opportunities with new customers.
Commenting on the acquisition, Richard Yarwood, CEO, 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."