World Courier acquired by AmerisourceBergen
AmerisourceBergen Corporation announced that it has acquired World Courier Group, a privately held transport and logistics provider for the biopharmaceutical industry, for $520m in cash. The transaction is expected to be completed by July 2012.
World Courier provides transport, storage and distribution services for multinational biopharmaceutical clinical trials in addition to other end markets. The company will become a new operating segment within AmerisourceBergen.
“The acquisition of World Courier adds a new premium speciality service to our existing portfolio of market leading pharmaceutical manufacturer services,” said Steven H. Collis, AmerisourceBergen President and Chief Executive Officer. “The addition of World Courier’s unique capabilities and expertise to our existing commercialization services further strengthens our offerings to global pharmaceutical manufacturers, and provides an established platform for the introduction of our specialty services outside North America.”
World Courier’s President, Wayne B. Heyland, will continue on in this position, reporting directly to Collis. “We are very pleased to bring our global expertise and decades of experience serving international biopharmaceutical manufacturers and contract research organisations (CROs) to AmerisourceBergen,” said Heyland. “Our shared values and similar cultures will ensure the smooth integration of our premium services, which will help both of our organizations take advantage of the tremendous growth opportunities that lie ahead, particularly in international markets. We are very excited to become an integral part of the largest specialty distribution and services provider in the world.”
World Courier’s annual revenues are expected to be approximately $500m in 2012. It has over 137 offices, 13 storage depots, and 2,500 employees in 52 countries.