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.
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.
