Richmond, Virginia, USA, 21 July 2008 – MeadWestvaco Corp. (NYSE: MWV) and India-based Bilcare Ltd. today announced the joint acquisition of pharmaceutical packaging company International Labs of St. Petersburg, Florida. The acquisition was completed on 18 July 2008. Terms of the agreement were not disclosed.
The joint acquisition will leverage best-in-class capabilities for adherence-promoting pharmaceutical packaging and streamline the supply chain by eliminating several steps in the distribution channel. It will help make adherence packaging more widely available to consumers throughout the global marketplace, especially through growing low-cost generic and branded drug programs.
The partnership combines MWV’s capabilities in healthcare packaging design and innovation, including compliance and injection molded packaging; Bilcare’s research and expertise in materials, products, processes, and services, which enable the safe and effective integration of pharmaceuticals and packaging; and International Labs’ contract packaging services for retail pharmacies, and large generic and branded drug manufacturers.
“The combination of our turnkey capabilities has helped enable the creation of new, highly efficient, consumer-oriented supply chains that are changing the economics of global healthcare and improving patient outcomes,” said Bruce Thomas, senior vice president, Global Market Strategy for MWV. “This acquisition is one component of our healthcare strategy in product innovation, capacity expansion, and other growth investments. We are continuing to work with retailers, including Wal-Mart, and generic and branded pharmaceutical companies to continue to bring our innovative healthcare compliance solutions to serve the fast-growing needs of the global healthcare market.”
International Labs is using the MWV compliance packaging solution Shellpak® for generic and branded drug programs. Shellpak is a pre-filled medication package that can be immediately distributed to consumers, alleviating the need for pharmacists to count pills. The package’s unique and efficient design integrates a foil-backed blister pack with a labeled, injection molded plastic shell, and eliminates the need for unnecessary transport packaging.
“As a leading resource for healthcare companies, Bilcare has unique visibility into the increasingly global healthcare market,” said Mohan Bhandari, chairman and managing director of Bilcare. “We are excited about the acquisition of International Labs; our partnership with MWV will allow us to combine our global experience, primary and secondary packaging expertise, and research and development capabilities to bring compliance packaging solutions to customers throughout the world.”