FLINT, Mich. — Diplomat Pharmacy Inc. has commenced an initial public offering and appointed a chief information officer.
The specialty pharmacy operator said Monday that, following the filing of its IPO on July 3, the company is selling 10 million shares of common stock, while certain shareholders are selling more than 3.33 million shares.
According to Diplomat, the IPO price is expected to be at $14 to $16 per share.The company’s common stock has been approved for listing on the New York Stock Exchange under the symbol "DPLO."
Diplomat said it expects to use the net proceeds from the IPO to repay debt and for working capital and other general corporate purposes.
Describing itself as the nation’s largest independent specialty pharmacy, Diplomat serves patients and physicians in all 50 states and offer on medication management programs for complex chronic diseases, including oncology, immunology, hepatitis, multiple sclerosis, HIV, specialized infusion therapy and many other serious or long-term conditions.
In mid-July, Diplomat announced the acquisition of specialty infusion provider MedProRx Inc., while in January Diplomat said it acquired American Homecare Federation Inc., a provider of hemophilia pharmacy services.
Also on Monday, Diplomat said it has named Stephen Brown as chief information officer. As CIO, he will oversee the daily operations of Diplomat’s IT department as well as strategic planning, data warehouse management, and internal/external partnerships.
Before coming to Diplomat, Brown was an executive consultant specializing in the development of technology architectures and organizational solutions, new client acquisition and business development. He also previously served as CIO of Omnicare, a health care company specializing in providing medications to the elderly community. Prior to Omnicare, he served as CIO for Carlson Companies, a global provider of travel, hospitality and marketing products. Brown, too, held CIO positions were at Micron Electronics and Imation, a spinoff of 3M.
