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H.D. Smith acquires full ownership of Triplefin
September 30th, 2013
SPRINGFIELD, Ill. – After buying a majority stake earlier this year, H.D. Smith has now acquired the remaining shares of Triplefin, a provider of reimbursement, patient assistance and pharmaceutical brand-support services.
H.D. Smith said Monday that it has purchased the remaining 49% interest in Triplefin, giving it full ownership of the Cincinnati-based company. Terms of the agreement weren't disclosed.
The pharmaceutical distributor completed its acquisition of a majority interest in Triplefin in June after announcing the deal in mid-January.
Plans call for Triplefin to operate as a wholly owned subsidiary of H.D. Smith in the wholesaler's H.D. Smith Specialty Solutions operating unit. That business unit was created following the purchase of the majority stake in Triplefin and H.D. Smith's acquisition last fall of Valley Wholesale Drug, a regional health products distributor.
"H.D. Smith is committed to providing end-to-end value throughout the health care chain to our customers and the patients they serve, and the Triplefin mission to remove barriers, connect patients and grow brands fits perfectly with the H.D. Smith Specialty Solutions focus on the patient journey," Dale Smith, chairman and chief executive officer of H.D. Smith, said in a statement.
"Our interest in Triplefin began a year ago, sparked by the company's specialized offerings across patient support programs, distribution/fulfillment, marketing, pharmacy services, technology and specialty product education functions," he explained. "Together, our organizations have already integrated many of our functions and established an end-to-end service value chain touching all aspects of prescription medicine distribution and support, and we look forward to continuing to grow together."
The combined organization will continue to provide support services to traditional branded and specialty product manufacturers and pharmacy partners, including key distribution and fulfillment functions, patient assistance and reimbursement programs, third-party logistics, pharmaceutical marketing and product education, according to H.D. Smith.
"Triplefin shares the H.D. Smith Specialty Solutions commitment to supporting patients from the moment they begin receiving care to the completion of their treatment. And together, we have the exciting opportunity to revolutionize the industry and help protect patient wellness," stated Joseph Conda, president of H.D. Smith Specialty Solutions. "We remain impressed and inspired by the organization that [Triplefin CEO] Greg LaLonde and [Triplefin president] Rick Randall have built over the past 10 years, and we are enthusiastic about driving their mission forward."