PCI Significantly Expands Global Clinical Services Business Through Biotec Acquisition
PHILADELPHIA, Sept. 19, 2014 /PRNewswire/ -- PCI is pleased to announce it has acquired Biotec Services International (Biotec). Biotec is a leading provider of Clinical Trial Services and Temperature Controlled Pharmaceutical Services headquartered in Bridgend, Wales in the United Kingdom. The addition significantly expands PCI's presence in the UK/EU to support global investigational studies of medicinal products by adding packaging, storage and distribution capacity, as well as consultative services for clinical trial supplies.
Biotec has experienced significant growth and has recently undertaken a facilities expansion to accommodate additional packaging, storage and distribution demand. Biotec's expertise supports global projects across a range of temperature conditions including controlled room temperature, 2 - 8°C, -20°C, -40°C, -80°C, and specialization in products requiring -196°C. Biotec's expansion more than quadruples the company's capacity to store, package and ship Cold Chain products, and includes a second purpose built facility for the storage of Advanced Therapeutic Medicinal Products (ATMP) at -196°C. Advanced Therapeutic Medicinal Products include gene therapies, somatic cell therapies (stem cells) and tissue engineered products. Biotec's recent facilities expansions complement PCI's own investment in a purpose built 93,000 square foot North American Clinical Storage and Distribution facility, which includes expansive storage for temperature controlled products of investigational products.
The acquisition of Biotec further expands PCI's growing presence in outsourced partnership solutions for drug development and commercialization. Last month PCI acquired Penn Pharma, adding pharmaceutical development and contained manufacturing services to its portfolio of Clinical Trial Services, Commercial packaging, and Laboratory services. The addition of Penn Pharma follows PCI's acquisition of AndersonBrecon in 2013 from AmerisourceBergen. PCI now represents 16 facilities across North America and Europe, employing over 2,900 highly trained associates, supporting therapies destined to over 100 countries around the world. "The expertise of the team at Biotec is a natural fit for the strategic direction of our business," states Bill Mitchell, CEO and President of PCI. "We are focused on providing our clients an expert partner in the development, clinical investigation, and ultimate commercialization of their lifesaving therapies. Clients are looking for solution providers that can help them navigate the development process and enable speed-to-market. Adding Biotec, as well as the drug development and manufacturing expertise of Penn Pharma, truly positions PCI to provide that substantial added value to our clients. I am very excited about the depth of the solutions we can provide our clients to address their daily challenges in bringing new products to successful commercialization."
Fiona Withey, CEO of Biotec Services, adds, "Biotec has grown as a result of our team's expertise in temperature-controlled clinical trial supply services, our innovative technology solutions, our flexibility, and our commitment to customer service. In a recent client survey, our clients told us that we should continue to do what we are doing, but should aim to develop the scope and global presence of our offering. Joining the PCI family allows us to deliver a truly global service to our clients across a wider range of services, while staying true to our core values of expertise, customer service, efficiency and flexibility."
PCI is principally owned by Frazier Healthcare, with partner investors QIC Global Private Equity, Greenspring Associates and Thomas, McNerney & Partners. Frazier Healthcare, founded in 1991 to invest exclusively in healthcare, is a leading provider of growth equity and venture capital to high growth and emerging healthcare companies.
Teneo Capital acted as the exclusive financial adviser to PCI and Frazier Healthcare for this transaction. PCI and Frazier Healthcare engaged global professional services firm Alvarez & Marsal to provide due diligence services. Goodwin Procter LLP acted as legal counsel to PCI and Frazier Healthcare for this transaction.
Established in 1997 and headquartered in Bridgend, Wales, UK, Biotec Services International has built its reputation as a temperature-controlled clinical trial supplies specialist, working with clients on a global scale and developing innovative solutions to meet their evolving clinical trial supply needs. Specialist services in support of clinical trials include comparator sourcing and blinding; packaging, labelling and assembly of clinical trial medication kits; temperature controlled storage and distribution; QP and GMP consultancy services. Uniquely, Biotec's expertise encompasses the storage and distribution of Advanced Therapeutic Medicinal Products (ATMPs) such as cell- and gene-therapies. Biotec is a trusted partner for the global support of clinical trials involving high value therapies for which clients need to be confident that the right drug will reach the right patient at the right time, and at the correct temperature. For more information visit www.biotec-uk.com or follow us on Twitter @BiotecServices
The global healthcare industry trusts PCI for the development solutions that increase their products' speed to market and opportunities for commercial success. Only PCI brings the proven experience that comes with more than 50 successful product launches a year and over four decades in the healthcare business. Leading technology and continued investment enables us to address global needs throughout the product life cycle — from preclinical development, clinical investigational studies, commercialization and ongoing supply. Our clients view us as an extension of their business and a collaborative partner, with the shared goal of improving patients' lives. For more information please visit www.pciservices.com or follow us on Twitter at @PCI_Social.
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 cash 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.
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