Covington Associates advises Premier Source on its sale to AmerisourceBergen
Boston, MA (September 2, 2011) – Covington Associates announced today that it acted as exclusive financial advisor to Premier Source, a privately held company that provides consulting and reimbursement services to medical device, pharmaceutical, molecular diagnostic, and biotechnology manufacturers, as well as other health services companies, in its sale to AmerisourceBergen Corporation (NYSE:ABC). The financial terms of the transaction were not disclosed.
“We are extremely pleased that our company will continue to thrive as part of AmerisourceBergen,” added Sinead Foley, President of Premier Source. “The integration will help strengthen our focus on emerging diagnostic, biotech and device manufacturers; and in turn, differentiate our group.”
Ben Dunn, lead advisor to Premier Source and Managing Director at Covington Associates, said, “The acquisition of Premier Source allows ABCS to strategically expand their services and capabilities across their current client base. In addition, Premier Source helps to serve as a platform as ABCS looks to build their presence in the rapidly growing diagnostics sector”.
Premier Source, headquartered in San Mateo, CA, with an office in Portland, OR, will be a business unit within ABCS, and Foley will continue with the title of President of Premier Source, reporting into Lash Group’s President Tracy Foster.
About Premier Source
Premier Source offers expertise in the areas of managed care and reimbursement, particularly for life sciences companies developing novel therapies and molecular diagnostics, helping those clients eliminate barriers to coverage for their products.
About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving healthcare, business service, consumer, industrial, and technology companies. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to nearly $2 billion for both private and publicly traded companies.