Business Combinations Business Combinations

12 Months Ended

Jun. 30, 2017

Business Combinations [Abstract]

Business Combination Disclosure

BUSINESS COMBINATIONS

During the year ended June 30, 2017, the Company completed acquisitions which were immaterial, individually and in the aggregate, to the overall consolidated financial position and results of operations of the Company. Notably, in September 2016, the Company acquired 100% of the shares of Pharmatek Laboratories, Inc. ("Pharmatek"), a contract drug development and clinical manufacturing company.  The acquired business is based in the U.S. and is included in the Drug Delivery Solutions segment.  Additionally, in February 2017, the Company acquired 100% of the shares of Accucaps Industries Limited ("Accucaps"), a company that develops and manufactures over-the-counter, high potency and conventional pharmaceutical softgels. The acquired business is based in Canada and is included in the Softgel Technologies segment.

The Company’s consolidated balance sheet as of June 30, 2017 includes the fair value allocations for these acquisitions, which were completed in the fiscal year. Aggregate purchase consideration, net of cash acquired, for both acquisitions totaled $169.9 million. As a result of the preliminary fair value allocations, the Company recognized intangible assets of $30.9 million of customer relationships. The remainder of the preliminary fair value was allocated to tangible assets acquired and goodwill. The fair value allocation for each acquisition is expected to be completed upon finalization of an independent appraisal over the next few months, but no later than one year from its acquisition date.