O.C. health firm sells pharmacy division

O.C. health firm sells pharmacy division July 30th, 2012, 9:30 am posted by Jan Norman, small-business columnist

A-Med Health Care in Huntington Beach has sold its specialty pharmacy division to Altamont Capital Partners, a Palo Alto private equity firm.

Altamont is creating a new company, called ModernHEALTH Specialty Pharmacy, which will combine A-Meds assets and the specialty pharmacy operations of Modern HEALTHcare Inc. in Monrovia. Terms of the deals were not disclosed.

In a letter to customers, A-Med Health Care CEO Larry Thacker said, Going forward, A-Med will continue to service its medical supply and enteral nutrition patients and health care providers, as well as maintain its industry leading position as the premier medical supply provider in California.

The new ModernHEALTH Specialty will be based in Monrovia and serve the needs of patients in 15 states. The company will focus on specialty infusion, particularly IVIG therapy, as well as specialty pharmaceutical therapies with high service needs such as HIV, cystic fibrosis, transplants, hepatitis C and multiple sclerosis.

Richard Katz, CEO of ModernHEALTH Specialty Pharmacy, Over the years we have built a substantial specialty pharmacy business at Modern including BioFusion, a leader in the specialty infusion market. Continuing to build these businesses as an independent platform with a strong financial partner will allow us to better serve our patients and capitalize on the substantial growth opportunities we see in the marketplace. Altamont was the best partner for us given their deep industry knowledge and strong capability for handling complex transactions.

Intrepid Investment Bankers LLC advised A-Med. William Blair & Company LLC and Sheppard Mullin Richter & Hampton LLP, advised and represented ModernHEALTH and Ropes & Gray LLP advised and represented Altamont.

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O.C. health firm sells pharmacy division