Diplomat acquires Burman's Specialty Pharmacy

Diplomat Pharmacy, Inc. said Friday it has acquired Burman’s Specialty Pharmacy.

Burman's, based in the Philadelphia, Pennsylvanial, provides individualized patient care with a primary focus on hepatitis C infections. Approximately 3.2 million people in the U.S. are living with chronic hepatitis C infection, according to the Centers for Disease Control and Prevention.

"Burman's shares our strong commitment to patient care," Diplomat CEO and Chairman Phil Hagerman said. "We acquired Burman's to enhance our targeted clinical management programs, utilize its innovative hepatitis C technology platform and strong payer network and increase our presence in the U.S. Mid-Atlantic Region."

Burman's executive leadership will remain in place as their services grow under Diplomat's ownership. Under the terms of the agreement, Diplomat is acquiring Burman's for $72.8 million cash and $10 million in Diplomat common stock. For the 12 months ending May 31, Burman's generated approximately $383 million in revenue and approximately $21 million in EBITDA.

"Diplomat's patient-centric focus echoes our own approach," Burman’s President and CEO Steve Burman said. "We pride ourselves on improving patient care with innovative technology. HealthTrac opens the lines of communication between all health care professionals involved to improve treatment efficiency in an effort to both improve results and reduce costs. Diplomat shares that vision and puts it into practice with high-touch patient care."