AmerisourceBergen invests in Brazilian wholesaler
VALLEY FORGE, Pa. — AmerisourceBergen on Monday announced that it has reached a definitive agreement to acquire a minority stake in Profarma Distribuidora de Produtos Farmacêuticos S.A., a leading pharmaceutical wholesaler in Brazil. In addition, AmerisourceBergen and Profarma will establish a joint venture for specialty distribution and services.
“We are very excited to partner with Profarma as we continue to expand our reach into growing international markets,” stated Steven Collis, president and CEO AmerisourceBergen. “With its long-term macroeconomic growth outlook, favorable demographics and increasing access to healthcare services and specialty pharmaceuticals, the Brazilian market affords us a tremendous opportunity to expand our international offerings. Profarma’s success in the wholesale distribution, chain and independent retail, and specialty markets, combined with our expertise in specialty distribution and manufacturer services provides a compelling opportunity to shape the delivery of healthcare in Brazil.”
The company expects to invest a total of approximately $100 million, and the transaction is expected to close in the June quarter of 2014.
Sammy Birmarcker, CEO Profarma, highlighted the positive effects that the association with AmerisourceBergen should bring for the operations of Profarma Specialty, such as access to new medicines, equipment, services and practices that currently do not exist in Brazil. “We hope the country will soon be able to benefit from the technological advances that are already available to the specialty pharmaceutical distribution industry in more evolved markets abroad,” Birmarcker said. “We believe that the experience acquired by Profarma over the course of its 52 years of activities, combined with the technology and expertise of AmerisourceBergen in rendering new services, will provide a favorable environment for the development of Profarma Specialty in Brazil."
AmerisourceBergen will purchase up to a 19.9% minority stake by offering Brazilian Real $22.50 per share (U.S.$9.68 per share) for shares offered in a primary offering by Profarma. The specialty distribution joint venture will include Profarma’s existing specialty businesses and an equity investment from AmerisourceBergen, and each company will own a 50% stake in the joint venture.