OptumRx acquires Diplomat Pharmacy
Optum is acquiring Diplomat Pharmacy and integrating it into its OptumRx pharmacy care services business. The company is paying $4 per share of outstanding common stock for Flint, Mich.-based Diplomat in a cash tender offer that includes the assumption of Diplomat's outstanding debt.
Diplomat brings expertise in managing specialty medications that treat patients with complex diseases, such as oncology and immunology, and provides specialized infusion therapies offered in convenient and clinically appropriate settings in all 50 states and Washington, D.C. The combination will support improved health outcomes and reduced prescription drug costs while helping lower the overall total cost of care, the company said.
“With its focus in specialty and infusion services, Diplomat has a proven track record of solving the unique challenges facing patients with complex health care needs,” said OptumRx CEO John Prince. “This combination will expand the innovative specialty pharmacy and infusion solutions OptumRx can offer to the consumers and clients we serve, helping ensure people get the right medications and services at the right time, in the right setting.”
The transaction was unanimously approved by Diplomat’s board of directors.
“Our board of directors carefully considered a variety of strategic options and concluded that joining OptumRx is in the best interests of our shareholders, employees and the clients and patients we serve,” said Brian Griffin, Diplomat chairman and CEO.
“Since co-founding the company in 1975 with my father, I have had the honor of helping to transform Diplomat into a specialty pharmacy services leader,” said Diplomat co-founder and chairman emeritus Philip Hagerman. “This combination will create significant value for Diplomat’s specialty pharmacy consumers and clients, and I look forward to the combined companies’ future success.”
Hagerman and certain persons and entities affiliated with Hagerman own approximately 23% of the outstanding common stock of Diplomat, and have agreed to tender their shares in connection with the offer.