
AmerisourceBergen Acquires PharMEDium for $2.58 billion
NEW YORK ( TheStreet) -- AmerisourceBergen (ABC) - Get Report said Tuesday it is acquiring PharMEDium Healthcare Holdings from private equity firm Clayton, Dubilier & Rice for $2.58 billion in cash. News of the deal comes after PharMedium this summer revealed plans for an initial public offering.
Lake Forest, Ill.-headquartered PharMEDium is a provider of outsourced compounded sterile preparations to acute care hospitals. PharMedium filed confidentially for an IPO in July. Then in August, it publicly filed its registration statement with the Securities and Exchange Commission.
Clayton, Dubilier & Rice acquired a majority stake in PharMedium in January 2014. In the first half of 2015, PharMedium had net sales of $209.5 million, net income of $9.3 million and adjusted Ebitda of $54.9 million.
AmerisourceBergen said the deal is expected to be $0.22 to $0.26 accretive to the company's adjusted earnings a share in fiscal 2016 on a net basis, and is expected to generate about $30 million in synergies by fiscal 2018.
The acquisition is expected to expected to be completed in the first quarter of fiscal 2016, which ends Dec. 31, 2015. "The acquisition of PharMEDium strengthens our core business and meaningfully expands our innovative service offerings for health systems," said AmerisourceBergen president and CEO Steven H. Collis in a statement, adding: "PharMEDium's impressive track record of growth and proven ability to consistently deliver high quality CSPs in key therapeutic areas make them the undisputed leader in an important growth area of the U.S. healthcare market."
AmerisourceBergen, which is based in Valley Forge, Pa., is among the largest global pharmaceutical sourcing and distribution services companies. Earlier this year, AmerisourceBergen acquired MWI Veterinary Supply for $2.5 billion. Shares of AmerisourceBergen were trading at $92.90 at 3:44 p.m. on Tuesday, down more than 2%.








