Diplomat Completes Acquisition of Affinity Biotech
The nation's largest independent specialty pharmacy strengthens its services portfolio with Affinity Biotech's business presence in New York and Texas.
FLINT, Mich., Feb. 1, 2017 /PRNewswire/ -- Diplomat Pharmacy, Inc. (NYSE: DPLO), announced today it has completed the acquisition of Affinity Biotech, Inc., a specialty pharmacy, and infusion services company based in Houston, Texas that provides treatments and nursing services for patients with hemophilia.
Diplomat and Affinity Biotech are dedicated to personalized medication therapies for patients with complex chronic diseases. Phil Hagerman, CEO and chairman commented, "Affinity Biotech's established presence in Texas and New York opens new sales synergies and opportunities. The New York facility allows us to open the door to service the state's 4.8 million Medicaid patients. Further, the purchase of a second Texas facility builds upon our service to the state's 3.7 million Medicaid patients. By adding a presence in New York City and Houston, we strengthen Diplomat's footprint in primary geographic markets and make our organic growth opportunities and our services stronger in the evolving specialty pharmacy landscape."
Phil Rielly, vice president, president, Diplomat Specialty Infusion Group further commented, "We take great pride in not only providing the best possible care for our patients but in supporting the bleeding disorders community as a whole. Our partnership with Affinity Biotech will build upon our dedication to being the country's most patient-centered specialty pharmacy."
Under the terms of the agreement, Diplomat purchased Affinity Biotech for $16 million cash, and up to an additional $4 million in contingent consideration. In 2016, Affinity Biotech generated an estimated $27 million in revenue and $3 million in adjusted EBITDA.
To learn more about Diplomat, visit diplomat.is.
Forward-Looking Statements
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 and 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. 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; the ability to achieve cost savings and operating synergies and the timing thereof; and other cautionary statements that are included herein and elsewhere, including in "Risk Factors" in Diplomat's Annual Report on Form 10-K for the year ended Dec. 31, 2015, 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 because of new information, future developments or otherwise.
About Diplomat
Diplomat (NYSE: DPLO) serves patients and physicians in all 50 states. Headquartered in Flint, Michigan, the company focuses on medication management programs for people with complex chronic diseases. 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.
CONTACT:
Bob East, Westwicke Partners
443.213.0500 | [email protected]
Jenny Cretu, Diplomat
810.768.9370 | [email protected]
SOURCE Diplomat Pharmacy, Inc.
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