MADISON, Wis. — Personalized medicine solution provider Restore Health plans to acquire the compounding pharmacy assets of Diplomat Pharmacy Inc.
Financial terms of the agreement weren’t disclosed. Restore Health said Thursday that the deal bolsters its compounding pharmacy and personalized medicine business and enables Diplomat to sharpen its focus on its core specialty pharmacy operations.
“Restore Health’s dedication to providing personalized medicine echoes our strong commitment to patient care,” Diplomat chairman and chief executive officer Phil Hagerman said in a statement. “A seamless transition for our patients and our partners is of utmost importance and we believe Restore Health’s comprehensive service solution will fully safeguard this change.”
The compounding pharmacy services of Flint, Mich.-based Diplomat include the preparation of personalized medications for patients and compounding pharmacists who work with prescribers to customize a medication to meet a patient’s specific health needs.
“Diplomat has been a respected competitor in pharmacy compounding for many years,” stated Restore Health president Murray Firestone. “It is indeed a privilege to continue to care for the patients and providers accustomed to Diplomat’s exceptional service. Acquiring this book of business is another important step in our strategy to consolidate this sector-in-transition, as compounding matures under increasing regulatory scrutiny and payor pressure.”
Restore Health, based in Madison, Wis., provides personalized and specialty medicines to health care providers nationwide via a full-service solution offering integrated support of custom pharmacy, diagnostic laboratory and clinical liaison personnel.
“We are pleased to have the opportunity to service Diplomat’s compounding patients and providers from the Restore Health platform,” commented Matt Wanderer, CEO of Restore Health.