Diplomat pharmacy wraps up $20million Affinity Biotech purchase

Diplomat Pharmacy has concluded the purchase of a Houston based pharmacy and infusion services specialist Affinity Biotech, which focuses on treating patients with hemophilia.

According to the agreement, Diplomat paid $16 million cash, and will add up to $20 million, with an additional $4 million in contingent consideration.

Phil Hagerman, CEO and chairman said that Affinity Biotech’s presence in Texas and New York opens new opportunities for the company.

“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,” Hagerman said.

Phil Rielly, vice president, president, Diplomat Specialty Infusion Group said: “Our partnership with Affinity Biotech will build upon our dedication to being the country’s most patient-centered specialty pharmacy.”

In 2016, Affinity Biotech generated an estimated $27 million in revenue and $3 million in adjusted EBITDA.