BioMatrix Expands National Footprint With Acquisition Of City Drugs Specialty Pharmacy
Plantation, FL – June 2, 2020 – BioMatrix Specialty Pharmacy, a growing leader in the specialty pharmacy space, announced today the acquisition of City Drugs Specialty Pharmacy in New York City, NY. As a result of this transaction, BioMatrix broadens their reach in key therapeutic categories with new payer contracts adding additional covered lives and pharmacy staff extensively experienced
in rare and chronic health conditions. The acquisition expands the organization’s national footprint to 12 pharmacy locations nationwide.
City Drugs is located on the Upper East Side of Manhattan and specializes in the treatment of complex medical conditions including hepatitis, oncology, auto-immune diseases, and gastroenterology. City Drugs is accredited by URAC, The Joint Commission, and ACHC for Specialty Pharmacy with a Distinction in Oncology.
“BioMatrix continues to bring together a team focused on providing patient-centric, innovative, life changing specialty pharmacy services,” stated Nick Karalis, Chief Executive Officer, BioMatrix Specialty Pharmacy. “The acquisition of City Drugs aligns with our strategic growth in specialty and specialty infusion, expanding our therapeutic mix and increasing our payer access. We are excited to welcome City Drugs to the BioMatrix family.”
Alex Zeygeril, CEO of City Drugs, is pleased to partner with BioMatrix to expand services and improve patient outcomes. “BioMatrix has a patient-centric focus that echoes our own approach and values,” said Zeygeril. “We pride ourselves on improving patient care with high touch services and innovative technology.”
Paragon Ventures initiated this transaction which was led by by Jonathan Sadock as the exclusive advisor to City Drugs. “The acquisition of City Drugs by Biomatrix emphasizes the strength of strategic acquisitions within the pharmacy distribution sectors. Even during the current global pandemic all of the parties worked together to make the transaction a success. It sure wasn’t easy to get closed amid a global pandemic and in NYC, one of COVID19’s worst hotspots. Kudos to our clients along with Tracy, Nick and the Biomatrix team who worked with us closely (albeit socially distant) to make the transaction a success. Together everyone showed great resolve, understanding, creativity and ingenuity to finalize the transaction.” said Sadock.
Additional information on BioMatrix and City Drug and Paragon Ventures can be found at www.biomatrixsprx.com , www.citydrugs.com , and www.paragonventures.com respectively.
About BioMatrix Specialty Pharmacy
BioMatrix Specialty Pharmacy offers comprehensive, nationwide specialty pharmacy services and digital health technology solutions for patients with chronic, difficult to treat conditions. Our commitment to every patient is to provide individualized pharmacy services, timely access to care, and focused education and support. We offer a tailored approach for a wide range of therapeutic categories, improving health and empowering patients to experience a higher quality of life.
About City Drugs
City Drugs is a privately-owned New York Based pharmacy, established to meet the growing demand for quality intake, management, and dispensing of complex medications. We provide healthcare providers and patients with high-touch, high-tech medication support services which adhere to the highest quality of care and safety standards.
The M&A activity across healthcare sectors continue to drive strong valuation and strategic options for business owners. Considering a sale, merger or recapitalization? If your business is ready, the market opportunities and strategic options in the current market are worthy of your consideration.
Contact Paragon Ventures for more information.
www.paragonventures.com
800-719-1555
