penn pharmaceutical logoTredegar pharmaceutical manufacturing company announce sale for £127M.

A US-headquartered company has agreed to pay £127m for Tredegar pharmaceutical manufacturer Penn Pharmaceuticals, providing an exit for private equity firm LDC.

The company is being bought by Packaging Coordinators, a provider of pharmaceutical contract packaging services, after seven years of ownership by LDC.

Penn was established in 1979 and undertakes contract manufacturing for commercial and clinical trials for a range of pharma and biotech businesses. Its reach spans Europe, Japan and the US.

Dr Richard Yarwood, chief executive of Penn, said: “The deal with Packaging Coordinators represents a great outcome for our business, providing us with a solid platform from which to build further scale in the global pharmaceutical manufacturing market.”

LDC invested £33m in April 2007 and the sale offers a near 3x return on its original investment. During the investment period, Penn’s annual turnover has increased from £17m to more than £30m in the financial year to 31 March 2014.

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