Summary
AmerisourceBergen Corporation (now Cencora, Inc.) announced on May 13, 2013, the completion of the divestiture of its contract packaging business, AndersonBrecon Inc. and AndersonBrecon (UK) Limited, to an investor group led by Frazier Healthcare VI, L.P. The sale generated $308 million in cash, subject to customary working capital adjustments. This strategic move represents a significant change in the company's operational focus and portfolio. Importantly for investors, the results of AndersonBrecon have historically been reported as discontinued operations. Consequently, this divestiture is not expected to impact AmerisourceBergen's financial performance expectations for fiscal year 2013, which were previously updated on April 25, 2013. Any gain or loss realized from this sale will be recognized within discontinued operations and is explicitly excluded from the company's ongoing fiscal 2013 financial guidance.
Key Highlights
- 1Divestiture of contract packaging business (AndersonBrecon) completed on May 12, 2013.
- 2Sale price of $308 million in cash received, subject to working capital adjustments.
- 3The buyer is an entity formed by affiliates of an investor group led by Frazier Healthcare VI, L.P.
- 4Other investors in the group include affiliates of Greenspring Associates, QIC Global Private Equity, and Thomas McNerney & Partners.
- 5AndersonBrecon's results were already reported as discontinued operations.
- 6Divestiture has no impact on AmerisourceBergen's fiscal 2013 financial performance expectations.
- 7Any gain or loss on sale will be recognized in discontinued operations and excluded from fiscal 2013 guidance.