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FLINT, Mich. — Diplomat Pharmacy Inc. has purchased Burman’s Specialty Pharmacy in a deal valued at more than $82 million.
Diplomat said Friday that Burman’s, located in the greater Philadelphia area, is a provider of individualized patient care with a primary focus on hepatitis C. For the 12 months ended May 31, Burman’s generated about $383 million in revenue.
“Burman’s shares our strong commitment to patient care,” Phil Hagerman, chairman and chief executive officer of Diplomat, said in a statement. “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.”
Under the agreement, Diplomat is acquiring Burman’s for $72.8 million cash and $10 million in Diplomat common stock.
Burman’s enhances therapy management via its HealthTrac proprietary software platform, designed to navigate the complexities of hepatitis C therapy and enable pharmacists and providers to collaborate on patient care, Diplomat noted.
“According to the Centers for Disease Control and Prevention, an estimated 3.2 million people in the United States are living with chronic hepatitis C infection,” Hagerman stated. “We believe the HealthTrac technology will significantly expand our hepatitis C services across our national footprint.”
Plans call for Burman’s executive leadership to remain in place as their services expand under Diplomat’s ownership.
“Diplomat’s patient-centric focus echoes our own approach,” commented Steve Burman, president and CEO of Burman’s. “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.”
