Cook Group announced on Tuesday that it will sell its Cook Pharmica business to Catalent for $950 million in cash.
The buyer, 80 years old and based in Somerset, N.J., makes delivery technologies and consumer health development products. It has about 10,000 employees in 30 facilities across five continents and more than $2 billion in annual revenue.
Cook Pharmica, founded in 2004, is a contract development and manufacturing company in Bloomington, Ind. It offers biopharmaceutical companies cell culture manufacturing and parenteral product manufacturing, among other things. It employs about 750 people.
Catalent plans to use Cook Pharmica to expand its global reach. The deal is expected to close in the fourth quarter of this year.
“The Bloomington area has been a terrific home for this fast-growing business,” said Catalent CEO John Chiminski in a prepared statement, “and we look forward to further strengthening Cook Pharmica’s partnership with the community in the years to come.”