FLINT, Mich. — Sept. 11, 2017
Diplomat Pharmacy, Inc. (NYSE: DPLO), has completed its acquisition of Focus Rx Pharmacy Services Inc., a specialty and infusion pharmacy with two locations in New York state.
Focus Rx is a customer-focused health care partner that provides home infusion and specialty prescription management services. This acquisition bolsters Diplomat’s offering of extensive solutions to meet growing demand for infusion therapies.
“This partnership opens growth opportunities, especially in the key markets of New York and New Jersey,” said Phil Rielly, Diplomat vice president and president of Diplomat Specialty Infusion Group. “Focus Rx brings over 15 regional and national payor contracts, boosting Diplomat’s prescription and payor access.”
Diplomat’s specialty infusion services are built on the combined experience of experts in a range of areas and fully dedicated to meeting the specialized needs of individuals living with chronic conditions including alpha-1 antitrypsin deficiency, hemophilia, hereditary angioedema, immune deficiencies, nutritional deficiencies, and von Willebrand disease. The Focus Rx nutrition deficiency business will complement ThriveRx, the nutrition division of Diplomat Specialty Infusion Group—providing significant growth in the New York market.
“As a specialty infusion provider in today’s rapidly evolving health care environment, we are excited to partner with Diplomat to enhance the delivery of comprehensive and personalized services to our patients,” said Lou Puleo, CEO of Focus Rx. “Our efforts improve patient results, as well as the clinical, operational, and financial well-being of our partners,” Puleo said. “Diplomat will further our commitment, enabling us to deliver integrated health care services to new and existing consumers and advancing our strong clinical expertise.”
Focus Rx is expected to generate approximately $47 million in revenue and $3 million in adjusted EBITDA for the full year 2017. Harbor Healthcare Consultants, a boutique investment banking firm, assisted Focus Rx as their exclusive advisor.
Diplomat (NYSE: DPLO) is the nation’s largest independent provider of specialty pharmacy services—helping patients and providers in all 50 states. The company offers medication management programs for people with complex chronic diseases and delivers unique solutions for manufacturers, hospitals, payors, providers, and more. Diplomat opened its doors in 1975 as a neighborhood pharmacy with one essential tenet: “Take good care of patients and the rest falls into place.” Today, that tradition continues—always focused on improving patient care and clinical adherence. For more information, visit diplomat.is.
About Focus Rx
Focus Rx is a health care partner that provides home infusion and specialty prescription management services. The company partners with hospitals, specialty practices, and clinics to deliver comprehensive and personalized services. Focus Rx improves patient outcomes, as well as its partners’ clinical, operational, and financial well-being. For more information, visit myfocusrx.com.
About Harbor Healthcare
Harbor Healthcare is a boutique investment bank offering a variety of Merger and Acquisition advisory services to healthcare and pharmacy businesses since 1995. Since being founded, the company has advised more than 100 clients across the North American continent. The company offers unparalleled regulatory expertise, technology knowledge and claims some of the longest and strongest business relationships with private and public acquirers.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events or our future financial or operating performance. The forward-looking statements contained in this press release are based on management’s good-faith belief and reasonable judgment based on current information. These risks and uncertainties include: delays or difficulties in integrating the combined businesses; general economic conditions in the regions and industries in which the parties operate; and the ability to achieve cost savings and operating synergies and the timing thereof. These statements are qualified by important risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those forecasted or indicated by such forward-looking statements. For a discussion of such risks and uncertainties, you should review Diplomat’s filings with the Securities and Exchange Commission, including “Risk Factors” in Diplomat’s Annual Report on Form 10-K for the year ended Dec. 31, 2016, and in subsequent reports filed with or furnished to the Securities and Exchange Commission. Except as may be required by any applicable laws, Diplomat assumes no obligation to publicly update such forward-looking statements, which are made as of the date hereof or the earlier date specified herein, whether as a result of new information, future developments or otherwise.