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Ireland's DCC to sell generic drugs unit to UK private equity firm Duke Street

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Ireland's DCC to sell generic drugs unit to UK private equity firm Duke Street

Irish conglomerate DCC PLC agreed to sell its generic drugs division to Duke Street LLP, a London-based private equity firm, The Irish Times reported.

As part of the deal, DCC is selling its Ashford, U.K.-based unit Kent Pharmaceuticals Ltd., along with Dublin-based manufacturer Athlone Laboratories Ltd.

The sale is part of DCC Vital's efforts to streamline its operations, focusing on distributing medical products in Britain and Ireland, the report noted, citing a company statement. DCC Vital is the pharmaceutical and medical devices arm of the DCC group.

Financial details of the deal were not disclosed. In 2013, DCC acquired the generic drugs business for about £58 million.

DCC anticipates to close the transaction, which is subject to regulatory approval, in the third quarter.