Frazier Healthcare Acquires AndersonBrecon from AmerisourceBergen

Tue Apr 2, 2013 8:30am EDT

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Contract packaging business to combine with Packaging Coordinators, Inc.
PHILADELPHIA,  April 2, 2013  /PRNewswire/ -- Frazier Healthcare is pleased to
announce that it has signed a definitive agreement to acquire AndersonBrecon,
the contract pharmaceutical packaging business and wholly owned subsidiary of
AmerisourceBergen Corporation (NYSE: ABC).  Packaging Coordinators, Inc., (PCI)
a provider of pharmaceutical and biotechnology packaging services and Frazier
Healthcare portfolio company, will combine with AndersonBrecon to offer services
on a global customer scale.  

"We are extremely excited to add the complementary U.S. and European footprint
of AndersonBrecon to the strength of PCI's capabilities," said  Bill Mitchell,
PCI's Chief Executive Officer. "This acquisition is a positive step in PCI's
growth strategy."   

The transaction increases Frazier Healthcare's investment in a growing and
exciting industry in healthcare services. "We are pleased to merge two stellar
players within the pharmaceutical and biotech packaging business and believe
that the combined company will deliver industry leading quality and service to
our customers and a world-class environment for our employees," said  Nathan
Every, Frazier Healthcare General Partner and PCI board member.  

The purchase price for the transaction is  $308 million  in cash, subject to
customary adjustments for, among other things, the working capital of the
business. In addition to Frazier, the investor group includes affiliates of
Greenspring Associates, QIC Global Private Equity, and  Thomas McNerney  &
Partners, who were part of the transaction. The purchase of AndersonBrecon is
subject to customary closing conditions, including certain regulatory reviews,
and is expected to close in the second quarter of 2013. RBC Capital Markets
acted as exclusive financial advisor to PCI, Frazier Healthcare and co-sponsors.
Goodwin Procter LLP represented Frazier Healthcare and PCI in the transaction.

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 case 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.

About Packaging Coordinators, Inc.

Packaging Coordinators, Inc. offers unparalleled expertise in a range of
proprietary pharmaceutical and biotechnology packaging innovations for
healthcare clients across all markets.  PCI leads the field in providing
cutting-edge customized healthcare packaging solutions that improve patient
adherence and uphold the most stringent safety requirements.  For more
information about PCI and its state of the art facilities in  Philadelphia, PA 
and  Woodstock, IL, visit the company's website at  www.pciservices.com

SOURCE  Packaging Coordinators, Inc.


Steve Bailey, +1-206-621-7200, or Kate Callan, +1-215-928-2720

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