Cardinal Health sells PTS segment for $3.3 bn

Published: 25-Jan-2007
Packaging

US-based Cardinal Health is to sell its Pharmaceutical Technologies and Services (PTS) segment to The Blackstone Group for approximately $3.3 bn in cash.


US-based Cardinal Health is to sell its Pharmaceutical Technologies and Services (PTS) segment to The Blackstone Group for approximately $3.3 bn in cash.

The PTS businesses develop, manufacture and package medication and other products for pharmaceutical and biotech firms, and employ approximately 10,000 at more than 30 facilities worldwide and generate approximately $1.8 bn in annual revenue.

Cardinal Health announced back in November 2006 that it planned to divest the segment to focus resources on its four remaining segments serving healthcare provider customers, such as hospitals and pharmacies.

Chinh Chu, senior managing director of The Blackstone said: "We are attracted to the strong industry fundamentals and leadership market positions of PTS in contract manufacturing, drug development, and packaging and printing services. We will work in concert with PTS' proven and experienced management team to build upon and strengthen their platform of competitive offerings, in order both to accelerate and enhance the growth and profitability of the PTS businesses."

Cardinal Health will retain Martindale and Beckloff Associates, two businesses that support the generic pharmaceutical market.

PTS develops and manufactures oral and sterile medication in nearly all dosage forms, and holds patents for softgel and Zydis fast-dissolve technologies used in many popular prescription and otc medicine. The segment is also the largest contract packager of pharmaceuticals.

Blackstone has been a leader in the field of private equity investing since 1987, managing $28 bn through its Blackstone Capital Partners.

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