, June 19, 2015
/PRNewswire/ -- Diplomat Pharmacy, Inc.
) announced today it has acquired Burman's Specialty Pharmacy (Burman's). Burman's, located in the greater Philadelphia, Pennsylvania
area, is a provider of individualized patient care with a primary focus on the challenging condition of hepatitis C.
"Burman's shares our strong commitment to patient care," said Phil Hagerman,
Diplomat CEO and Chairman. "We acquired Burman's to enhance our
targeted clinical management programs, utilize its innovative hepatitis C
technology platform and strong payor network, and increase our presence
in the U.S. mid-Atlantic region."
President and CEO of Burman's, is pleased to partner with Diplomat to
continue its history of improving patient results by continually
monitoring treatment and ensuring patient compliance. Burman's enhances
therapy management through its proprietary software platform HealthTrac,
specifically designed to navigate the complexities of hepatitis C
therapy and allow pharmacists and providers to collaborate on patient
"According to the Center for Disease Control and Prevention, an estimated 3.2 million people in the United States
are living with chronic hepatitis C infection," said Hagerman. "We
believe the HealthTrac technology will significantly expand our
hepatitis C services across our national footprint."
patient-centric focus echoes our own approach," said Burman. "We pride
ourselves on improving patient care with innovative technology.
HealthTrac opens the lines of communication between all healthcare
professionals involved to improve treatment efficiency in an effort to
both improve results and reduce costs. Diplomat shares that vision and
puts it into practice with high-touch patient care."
executive leadership will remain in place as their services expand
under Diplomat's ownership. In addition, all individuals and entities
receiving Diplomat common stock as part of this transaction will be
subject to certain lock-up restrictions on such shares, for at least six
months after closing.
Under the terms of the agreement, Diplomat is acquiring Burman's for $72.8 million cash and $10 million in Diplomat common stock. For the 12 months ended May 31, 2015, Burman's generated approximately $383 million in revenue and approximately $21 million
in EBITDA. The transaction is expected to be accretive to Diplomat's
earnings per share in 2015. Diplomat funded the cash component of the
purchase price with cash on hand along with use of its existing credit
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, including oncology, immunology, hepatitis,
multiple sclerosis, HIV, specialized infusion therapy and many other
serious or long-term conditions. 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 www.diplomat.is
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About Burman's Specialty Pharmacy
is a leader in disease-specific treatment programs and has been in
business for more than 50 years. Burman's comprehensive services and
patient-first approach help patients and physicians navigate the complex
waters of a variety of challenging health conditions, all while
achieving improved results. Burman's offers individualized
pharmaceutical care for a variety of challenging health conditions and
complex drug therapies. To learn more, visit www.burmansmedical.com
SOURCE Diplomat Pharmacy, Inc.
Read complete press release here
Labels: Burman's, Diplomat, specialty pharmacies