Frazier Healthcare has completed its acquisition of the U.S. commercial pharmaceutical packaging operations of Catalent Pharma Solutions. The new business will be operated as Packaging Coordinators, Inc. (PCI), the former name of that business. PCI will be led by Bill Mitchell, who was president of that business from 2002 to 2006 and will now serve 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 has a longstanding history of success in both the industry and with PCI. The new company will have operations in Philadelphia and Woodstock, IL.
Mr. Mitchell commented, "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. 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 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," said 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."
"This sale is another step in advancing our strategy to focus on our leading drug development and delivery businesses in core segments," said 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." PCI's 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.