UPS has entered into a definitive purchase agreement to acquire Marken, a supply chain company dedicated to the pharmaceutical and life sciences industries.

The transaction is expected to close by December 31, 2016.

“Healthcare logistics is a strategic market for UPS,” said Teresa Finley, chief marketing and business services officer at UPS. “Our acquisition of Marken strengthens our portfolio and demonstrates our commitment to customers. We plan to offer new solutions to our customers and generate further growth opportunities for UPS.”

Marken will be operated as a wholly owned UPS subsidiary and will have access to the UPS integrated global network.

“We are excited to join the UPS organization,” said Wes Wheeler, chief executive officer of Marken. “UPS’s capabilities, particularly in mature markets, will provide many opportunities for us to enhance our service offerings in clinical trials logistics. With UPS, we will improve our efficiency, while continuing to provide our clients with the high-touch, personalized services that they have come to expect from us.”

Marken has more than 650 employees in 44 locations worldwide and operates 10 depots that are compliant with Good Manufacturing Practices, according to UPS.