Kohlberg Kravis Roberts & Co. (KKR) has agreed to acquire drug-delivery system provider Capsugel from Pfizer in a cash deal valued at $2.375 billion.
When the deal closes, expected in the third quarter of 2011, KKR, based in New York City, will gain access to Capsugel’s hard capsule production for the pharmaceutical, health and nutrition industries. In 2010, Capsugel, based in Peapack, N.J., manufactured more than 180 billion hard capsules and generated $750 million in revenue. KKR has $61 billion in assets under management, with a portfolio that includes Toys R Us and The Nielson Company.
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