Frazier Healthcare and Catalent Pharma Solutions, Inc., today announced they have closed the purchase and sale of Catalent's U.S. commercial pharmaceutical packaging operations based in Philadelphia, PA and Woodstock, IL to Frazier.
The business will be operated as Packaging Coordinators, Inc. ("PCI"). The former president of the business (from 2002-2006), Bill Mitchell, will again take the helm as president and chief executive officer. Re-joining Mr. Mitchell as part of the new PCI management team are Bill Bolding, as chief operating officer, and Phil DiGiacomo, as vice president of sales, each of whom have a longstanding history of success in both the industry and with PCI.
"This second act for PCI is not about nostalgia. We want to build on a strong foundation and reinvigorate PCI to once again become the supplier of choice for outsourced healthcare packaging," says Bill Mitchell, president and chief executive officer of Packaging Coordinators, Inc. "This management team knows growth is about focusing on the customer, including their mission critical milestones, timelines and business needs. The products create and drive the opportunity. The attention to quality and the focus on meeting the customers current and future needs will drive our growth."
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.
"We are demonstrating our emphasis on a team approach at Frazier by empowering a known and passionate management team to create a reinvigorated model for healthcare packaging," says Alan Frazier, managing partner of Frazier Healthcare. "The acquisition of PCI gives us the opportunity to extend our model of uncovering opportunities where the combination of new a management team and an infusion of capital can result in outstanding growth and market leadership."
Catalent's decision to sell its U.S. commercial packaging operations is based on the company's business strategy to focus on growing its world leading businesses in development solutions and advanced delivery technologies, clinical trial supplies, advanced blow/fill/seal aseptic delivery technology, as well as offering integrated solutions for the development and supply of injectable biologics and complex pharmaceutical products. The acquisition does not involve Catalent's Clinical Supply Services operations adjacent to the Red Lion Road facility in Philadelphia, nor the Blow/Fill/Seal business in Woodstock.
"This sale is another step in advancing our strategy to focus on our leading drug development and delivery businesses in core segments," says Barry Littlejohns, president of Catalent's Medication Delivery Solutions segment. "We believe Frazier will be an excellent partner for the customers of the commercial packaging business."
Source: Packaging Coordinators Inc.