LIONVILLE, Pa. (Feb. 10)—West Pharmaceutical Services Inc. has completed the sale of a substantial majority interest in its drug delivery business.
The medical components maker announced in December it would sell its majority interest in the business to a new company formed and backed by private equity investor Warburg Pincus L.L.C. The deal was finalized Feb. 8, and Archimedes Pharma, the new firm, owns the former West division.
In exchange for its drug delivery assets, West received $7.1 million and about 14 percent of the shares in Archimedes Pharma, as well as a royalty interest in certain revenues yielded by the new venture.
West's Drug Delivery Division will be classified as a "discontinued operation" in the company's subsequent financial reports.