Diplomat acquires Houston-based Affinity Biotech
FLINT, Mich. — Diplomat Pharmacy on Wednesday announced that it had completed an acquisition of Affinity Biotech, a specialty pharmacy and infusion services company based in Houston, Texas, providing treatments and nursing services for patients with hemophilia.
Diplomat acquired the company for $16 million in cash and up to an additional $4 million in contingent payments.
“Affinity Biotech’s established presence in Texas and New York opens new sales synergies and opportunities,” Diplomat CEO and chairman Phil Hagerman said. “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.”
Diplomat VP and president of Diplomat Specialty Infusion Group Phil Reilly said, “Our partnership with Affinity Biotech will build upon our dedication to being the country’s most patient-centered specialty pharmacy.”
Affinity Biotech generated an estimated $27 million in revenue in 2016 and $3 million in adjusted earnings before interest, taxes, depreciation and amortization.
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