Global parcel delivery giant UPS Inc. has completed its acquisition of Marken, the pharmaceutical logistics specialist it first announced it would buy in November.
Terms of the purchase were not disclosed.
By making Marken a wholly owned subsidiary, Atlanta-based UPS gains growth opportunities across the life sciences customer base, particularly in Marken's specialty area of clinical trials material storage and distribution, UPS said.
Research Triangle Park, N.C.-based Marken operates a global network of FDA-compliant medical depots and logistic hubs in 44 locations. The sites support the storage and distribution of biological sample shipments and clinical trial materials.
UPS has been ramping up its investment in the services it needs to claim a larger share of that lucrative market. In July, the company announced that it would expand its ability to provide temperature control, precision parcel tracking, and other capabilities for handling international shipments of drugs and biological specimens involved in clinical trials research.
Wes Wheeler will continue as CEO of Marken, reporting to UPS chief marketing and business services officer Teresa Finley.
"Healthcare logistics is a strategic market for UPS," Finley said in a statement. "Our acquisition of Marken strengthens our portfolio and demonstrates our commitment to customers and the healthcare industry."