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Probiotec acquires business assets of packing services provider in A$4.5M deal

Probiotec Ltd. acquired pharmaceutical contract packer Contract Pharmaceutical Services of Australia Pty Ltd. in a A$4.5 million deal.

The Australian over-the-counter pharmaceuticals provider will pay CPSA a base amount of A$4 million in cash for the acquisition of its business assets including major customer contracts, plants and equipment. In addition, the company will pay an estimated amount of about A$500,000 for CPSA's inventory.

CPSA will continue to operate the assets on behalf of Probiotec for about six months, after which they will transfer to existing facilities of the company.

CPSA provides packing services and formats for the pharmaceutical, cosmetic and food industries.