Flint-based Diplomat Pharmacy Acquires Specialty Pharmacy for $73M
Diplomat Pharmacy Inc., a Flint-based company that offers personalized medication for those with specialized needs, has acquired Philadelphia-based Burman's Specialty Pharmacy for about $73 million in cash and $10 million in Diplomat common stock.
"We acquired Burman's to enhance our targeted clinical management programs, utilize its innovative hepatitis C technology platform … and increase our presence in the U.S. mid-Atlantic region," says Phil Hagerman, chairman and CEO of Diplomat.
Burman’s has a proprietary software platform, HealthTrac, which is designed to help pharmacists and providers collaborate on care for patients with hepatitis C.
“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,” Hagerman says.
Burman's executive leadership will remain in place. In February, Diplomat also acquired BioRx, a specialty pharmacy in Cincinnati. Diplomat Pharmacy, started in 1973, provides medications for such illnesses as Crohn’s Disease, psoriasis, and cystic fibrosis.