The deal’s terms have not been disclosed.
Pharmatech is a pharmaceutical outsourcing and R&D business within Actavis’ subsidiary Aptalis, which operates in the US, Canada and Europe.
Actavis noted that the deal will not include any other Aptalis businesses or products.
Actavis CEO Robert Stewart said: "Our decision to divest the Pharmatech business is consistent with our strategic commitment to build leadership positions in our core areas of strength.
"It will enable our industry-leading global operations team to sharpen their focus on supporting our existing global supply chain, and on preparing for the expansion of our manufacturing network with the addition of the Allergan facilities following the close of the acquisition later this year."
Pharmatech specialises in areas such as taste-masking and customised drug release, and will also support projects from formulation through scale-up and commercial-scale manufacturing.
Pharmatech current president John Fraher will act as the CEO of the new standalone company, and it will include other members from his management team.
The acquired business will continue to operate integrated R&D and manufacturing facilities in North America and Europe, according to Actavis.
TPG John Schilling said: "We see great demand in the market for Pharmatech’s drug delivery and R&D expertise, and by launching this platform, we hope to continue to support the growth and innovation of pharmaceutical companies, both through the development of de novo products, novel value-added formulations and targeted generic products."
Subject to customary closing conditions and regulatory approvals, the deal is expected to be completed by mid-2015.
Image: Actavis Biologics Ltd, Estuary Banks, Liverpool. Photo: courtesy of Rept0n1x.