Salveo Specialty Pharmacy, Inc. Completes Additional Equity and Debt
Financings and Acquisition of Mission Road Pharmacy
SAINT PETERSBURG, Fla., Dec. 4, 2012
SAINT PETERSBURG, Fla., Dec. 4, 2012 /PRNewswire/ --Salveo Specialty
Pharmacy, Inc., a specialty pharmacy company backed by Three Arch Partners,
NewSpring Capital and Petra Capital Partners, today announces the completion
of a second round of equity and debt funding, and its subsequent acquisition
of Mission Road Pharmacy, a pharmacy based in Los Angeles, California focused
on Oncology, HIV/AIDS, Hepatitis, Rheumatoid Arthritis and Mental Health
The additional equity financing was led by new investor, Sofinnova Ventures of
Menlo Park, California. The debt financing included additional subordinated
debt provided by Petra, as well as a new senior credit facility provided by
Regions Bank. Garheng Kong, MD, PhD of Sofinnova will join the Salveo Board
of Directors in conjunction with the investment.
Co-founded by Jeff Freedman (CEO) and Chuck Brown (COO), Salveo Specialty
Pharmacy is a specialty pharmacy company focused on the acquisition and
operation of selected specialty pharmacies throughout the United States.
Focusing on chronic and often underserved disease states, the Company acquires
pharmacies that share its commitment to improving chronic disease management
and complement its existing operations, and then integrates them into a
leading and unified specialty pharmacy organization. With the Mission Road
Pharmacy acquisition, Salveo now has clinically-focused specialty pharmacy
operations based in New York and Los Angeles, the two largest markets in the
nation. Salveo will continue to focus on expanding its current customer base
in these and new markets as well as integrating further acquisition targets.
The former owners of Mission Road Pharmacy intend to remain with Salveo
Commented Garheng Kong, General Partner at Sofinnova Ventures, "We are excited
to have partnered with the entire Salveo team to provide the Company with
additional equity financing to support the Company's future growth. Salveo
has assembled a strong management team and investor group experienced at
growing young healthcare services companies. Sofinnova has successfully
invested in specialty pharmaceutical products for many years, and Salveo
represented a compelling opportunity for us to leverage that expertise to
enter the rapidly-growing specialty pharmacy space.
Added Greg Ratliff, Senior Vice President with Regions' Healthcare Group, "We
are very pleased about the opportunity to partner with Salveo and enhance its
capital position as it continues to grow both organically and through
acquisition. Regions has an extensive lending background within healthcare
services and specialty pharmacy, and we look forward to providing debt capital
to Salveo as it continues to execute on its strategic goals and initiatives."
The former principals of Mission commented, "We are thrilled to have found an
ideal partner in Salveo. The Salveo team shares our same philosophy of always
prioritizing superior patient care, customer service and clinical excellence.
We are look forwarding to an excellent working relationship with the Salveo
team and the continued growth of our business."
"The Salveo management team welcomes our new partners in Sofinnova Ventures
and Regions Bank. Sofinnova brings to Salveo a wealth of experience in
healthcare investing, providing capital and expertise to support the growth of
emerging pharmaceutical and biotech companies. Additionally, Regions has a
strong healthcare lending practice and a proven track record assisting
growth-oriented companies like Salveo fund their expansion plans. With the
continued support of Three Arch, NewSpring and Petra, and the addition of
Sofinnova and Regions to the Salveo team, we have exciting plans to expand and
extend our services to meet the complex needs of our patients and customers,"
said Jeff Freedman, CEO of Salveo. "And we look forward to working with the
former owners of Mission and their entire team, who together have built an
exceptional specialty pharmacy known for its clinical expertise, dedicated
staff and their superior customer service and commitment to patient care."
About Salveo Specialty Pharmacy, Inc.
Salveo Specialty Pharmacy, Inc., a private company headquartered in Saint
Petersburg, Florida, was formed to create a leading specialty pharmacy
organization serving patients and customers across the country. Salveo
acquires, integrates and grows select specialty pharmacy organizations that
share its philosophy of providing superior customer service and clinical
patient care to the chronically ill population. With this latest acquisition,
Salveo further enhances its ability to deliver targeted and cost-effective
therapy management services to an expanding base of chronic patients and their
physicians, healthcare providers, and insurance plans.
About Three Arch Partners
Three Arch Partners was formed to provide young companies with access to
relevant clinical and business resources, as well as capital. Three Arch
manages over $1 billion in capital. To date, Three Arch has helped create,
build and fund more than 100 important new healthcare companies. These
companies have often become the clinical and market leaders in their
respective fields, and have generated strong returns. The firm only invests in
healthcare and focuses on opportunities in medical devices and healthcare
services. Three Arch Partners is headquartered in Portola Valley, California.
For more information, please visit Three Arch's website at
About NewSpring Capital
NewSpring Capital is a family of private equity funds providing growth and
expansion capital for companies primarily in the Mid-Atlantic region.
NewSpring Capital currently has over $700 million of assets under management.
The family of NewSpring Capital funds consists of (i) NewSpring Health
Capital, which provides equity capital to healthcare companies within the
healthcare services, specialty pharmaceutical and medical device sectors, (ii)
NewSpring Mezzanine Capital, which provides mezzanine capital for expansion
stage and buyout opportunities in the business services, healthcare,
information technology, and specialty manufacturing sectors, and (iii)
NewSpring Growth Capital, which provides equity capital to growth and
expansion stage companies with a focus on business services, enabling
technology and information technology. NewSpring Capital currently has
offices in Radnor, Pennsylvania, Short Hills, New Jersey, and Washington,
D.C. To learn more about NewSpring Capital, please visit
About Petra Capital Partners
Petra Capital Partners, LLC is a private equity firm based in Nashville,
Tennessee. The firm is actively investing its second SBIC fund, Petra Growth
Fund II, which has $160 million of available capital to invest. Its previous
funds under management total $130 million. Petra provides non-control
subordinated debt and/or preferred stock to high growth companies for
expansion, acquisition, buyout, refinancing or recapitalization in partnership
with the founding management team. Petra seeks to invest up to $15 million in
growth companies that possess a minimum of $10 million in revenue and positive
EBITDA at the time of investment. The fund targets business, healthcare and
information technology services companies. For more information, please visit
Petra's website at www.petracapital.com or call (615) 313-5999.
About Sofinnova Ventures
Sofinnova Ventures has over 40 years of experience building healthcare
companies into market leaders. With $1.4 billion in committed capital, the
firm applies capital and expertise to take companies from inception to exit.
Sofinnova closed its life science-focused $440M, SVP VIII, in late 2011. The
firm's investment team of MDs and PhDs has significant scientific, operational
and strategic experience, and specializes in financing later stage clinical
products and growth companies. The firm partners with entrepreneurs to address
patients' unmet medical needs. Sofinnova Ventures has offices in Menlo Park
and La Jolla, California. For more information, please visit
About Regions Bank
Regions Financial Corporation, with $122 billion in assets, is a member of the
S&P 500 Index and one of the nation's largest full-service providers of
consumer and commercial banking, wealth management, mortgage and insurance
products and services. Regions serves customers in 16 states across the
South, Midwest and Texas, and through its subsidiary, Regions Bank, operates
approximately 1,700 banking offices and 2,000 ATMs. Additional information
about Regions and its full line of products and services can be found at
CEO, Salveo Specialty Pharmacy
SOURCE Sofinnova Ventures
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