Private equity firm Kohlberg & Company and Abu Dhabi state investor Mubadala have agreed to take a controlling stake in PCI Pharma Services, a U.S. pharmaceutical outsourcing company, from Partners Group, the companies said on Monday.
Under the deal, Kohlberg will buy a majority stake, Mubadala a significant stake and Partners Group will retain a minority equity stake in the company.
The size of the stakes and value of the deal were not disclosed.
Headquartered in Philadelphia, PCI Pharma Services provides a broad range of integrated pharmaceutical supply chain solutions from the earliest stages of drug development through to its commercial launch.
Kohlberg and Mubadala plan to partner with PCl’s management team, led by CEO Salim Haffar, to continue with the company’s business plans, the statement said.
Mubadala has been looking to increase its investment in the healthcare sector, focusing on life sciences and medical technology.
Mubadala, which manages about $230 billion in assets, is the second-biggest state investor in the UAE, after Abu Dhabi Investment Authority which is estimated to have nearly $700 billion in assets.
Source: Reuters.com