AmerisourceBergen Corporation has acquired Trent Drugs Ltd, one of the largest national pharmaceutical distributors in Canada for a purchase price of approximately US$83 million, which includes the assumption of debt of approximately US$43 million. The company anticipates Trent will be accretive to fiscal year 2006 earnings per share by approximately $0.01 to $0.02.
AmerisourceBergen financed the acquisition with borrowings under a new CDN$135 million credit facility that will be available as well for general corporate purposes related to the company's new Canadian operations, informs the company release.
"Trent's national coverage and its management team provide a solid foundation for expanding our pharmaceutical distribution capability into the Canadian marketplace," said R. David Yost, AmerisourceBergen, CEO.
He further added that Trent is a logical expansion of their pharmaceutical distribution business and would continue AmerisourceBergen's strategic focus on the pharmaceutical supply channel.
Headquartered in Kingston, Ontario, Trent generated about US$500 million in revenue over the last twelve months. Trent distributes pharmaceuticals in the provinces of Ontario, Quebec, British Columbia, and the Atlantic provinces, which represent approximately 80 per cent of the Canadian population. Founded in 1986 by Mahen J. Acharya, chairman and CEO, the company has a strong presence in the Canadian retail pharmacy market, and is focused on growing its hospital business, states the company release.
AmerisourceBergen is one of the largest pharmaceutical service companies in the United States. Servicing both pharmaceutical manufacturers and healthcare providers in the pharmaceutical supply channel, the company provides drug distribution and related services designed to reduce costs and improve patient outcomes.