Profile: West Pharmaceutical Services, Inc. (WST)

West Pharmaceutical Services, Inc. (West), incorporated in July 27, 1923, is a manufacturer of components and systems for injectable drug delivery and plastic packaging and delivery system components for the healthcare, personal care and consumer products markets. Its products include stoppers and seals for vials and components used in syringe, intravenous and blood collection systems. The Company’s customers include pharmaceutical, biotechnology, generic drug and medical device producers. West operates in two segments: Pharmaceutical Systems and Tech Group. The Pharmaceutical Systems segment designs, manufactures and sells a variety of elastomer, metal and plastic components used in parenteral drug delivery for the branded pharmaceutical, generic and biopharmaceutical industries and generic industries. Its Tech Group segment is a custom injection molder.

Pharmaceutical Systems

The Pharmaceutical Systems segment manufacturers of pharmaceutical packaging components (stoppers, plungers and seals). The Company has manufacturing facilities in North and South America, Europe and Asia Pacific, with affiliated companies in Mexico and Japan. The Pharmaceutical Systems segment consists of two segments: the Americas and Europe/Asia Pacific. The Pharmaceutical Systems segment includes the business of Medimop Medical Projects, Ltd. (Medimop) and Monarch Analytical Laboratories, Inc. (Monarch).

The Pharmaceutical Systems business consists of various product lines, which includes elastomeric stoppers and discs, which serve as primary closures for pharmaceutical vials; secondary closures for pharmaceutical vials, called Flip-Off aluminum seals, consisting of an aluminum seal and removable plastic button; elastomeric syringe plungers, elastomeric components for blood collection systems and flashback bulbs, injection sites and sleeve stoppers for intravenous (IV) dispensing systems; elastomer and co-molded elastomer/plastic components for infusion and IV systems; dropper bulbs for applications such as eye, ear and nasal drops, diagnostic products and dispensing systems. The Company also offers needle shields and tip caps to fit standard prefilled syringes, and combination seals for dental cartridges and pens, and sterile devices for the reconstitution, transfer and administration of drug products, including products, such as the Mixject, Mix2Vial and Vial Adapters.

The Company’s elastomeric components are offered in a variety of standard and customer-specific configurations and formulations. These components are available with barrier films and coatings. Its FluroTec coating is a flurorcarbon film that is applied to elastomeric stoppers and plungers using a molding process. This film helps to prevent the migration of rubber constituents into the drug formulation and the absorption of drug constituents into the stopper. West offers a post-manufacturing process called Westar RS (ready-to-sterilize) and Westar RU (ready-to-use), which are documented and fully validated procedures for washing and siliconizing stoppers and syringe components to remove biological materials and endotoxins. Westar RS prepares components for introduction into the customer’s sterilizer and Westar RU provides components sterilized according to the customer’s specifications.

West offers contract analytical laboratory services for testing and evaluating primary drug packaging components and their compatibility with the contained drug formulation. West Analytical Services, which includes the acquired Monarch facilities, provides the Company and its customers with knowledge and analysis of the interaction and compatibility of drug products with elastomer, glass and plastic packaging components. Its analytical laboratories also provide specialized testing for complete drug delivery systems.

Tech Group

The Tech Group segment offers contract manufacturing solutions for the drug delivery, healthcare and consumer industries. The segment includes the businesses of The Tech Group, Inc. (TGI). The segment also has the capability in product design and development, including in-house mold design and construction, an engineering center for developmental and prototype tooling, process design and validation and high-speed automated assemblies. Technologies include multi-component molding, in-mold labeling, ultrasonic welding and clean room molding and device assembly. This segment has manufacturing operations in the United States, Mexico, Puerto Rico and Ireland.