Investor consortium plans to partner with PANTHERx Rare to
fuel its continued expansion as a leading rare and orphan focused
specialty pharmacy
PITTSBURGH, NEW YORK, PROVIDENCE, R.I. and CHICAGO, May 5,
2022 /PRNewswire/ -- A leading investor consortium
consisting of Nautic Partners, The Vistria Group and General
Atlantic today announced it has signed a definitive agreement to
acquire PANTHERx Rare ("PANTHERx" or "The Company") from Centene
Corporation (NYSE: CNC). The new partnership will focus on
accelerating PANTHERx Rare's continued growth as a premier and
trusted pharmacy care delivery model for patients living with rare
and orphan diseases.
"PANTHERx transforms lives by providing access solutions to
people living with rare medical conditions," said Jon Maschmeyer, Senior Partner and Co-Head of
Healthcare at The Vistria Group. "Our investment was a
collaborative effort to bring focus to an area that not only has
been significantly underserved but also offers a wealth of
opportunity to enhance the lives of patients."
"We see a growing market need for a specialized pharmacy model
to support rare and orphan disease patients in their healthcare
journey and to meet the unique distribution demands of these
life-enriching medicines," said Justin
Sunshine, Managing Director at General Atlantic.
PANTHERx has emerged as a pioneer of rare disease pharmacy,
becoming the first rare-disease-certified specialty pharmacy and
earning recognition for its culture, service levels and
industry-leading growth. PANTHERx was recently awarded Specialty
Pharmacy of the Year by the National Association of Specialty
Pharmacy (NASP), earned the inaugural Accredited Distinction in
Rare Diseases and Orphan Drugs from the Accreditation Commission
for Health Care (ACHC), and is a five-time winner of the
prestigious MMIT Patient Choice Award, including in 2022.
"PANTHERx is purpose-built to serve this patient population and
help address the complexities of specialized care delivery," said
Chris Corey, Managing Director at
Nautic Partners. "General Atlantic, Nautic Partners and The Vistria
Group are pleased to partner together to support the long-term
growth of PANTHERx, leveraging our collective expertise in scaling
differentiated healthcare businesses and fueling further
innovation."
"PANTHERx is deeply committed to redefining and enhancing
specialty pharmacy by anticipating the diverse needs of the
patients we serve," said Rob Snyder,
CEO of PANTHERx Rare. "With the enhanced resources brought by The
Vistria Group, General Atlantic and Nautic Partners, we're
confident in this investment's potential to deliver innovative
outcomes for patients suffering from rare and orphan diseases. We
thank Centene for their support over the past year and a half and
look forward to the future ahead."
The transaction is subject to clearance under the Hart-Scott
Rodino Act and satisfaction of other customary closing conditions.
Following the close of the transaction, the three consortium
participants will each hold equal ownership of PANTHERx.
About PANTHERx Rare
PANTHERx Rare is one of the
largest and fastest growing rare pharmacies in the United States. PANTHERx transforms lives
by delivering medicine breakthroughs, clinical excellence, and
access solutions to people living with rare and devastating
conditions. Although the overall incidence of rare diseases is as
common as diabetes, less than 7% of the 7,000 known rare and
devastating disorders have an FDA-approved therapy. Changes in
federal policy and advances in science have led to a surge in FDA
orphan drug approvals, providing tremendous hope to the rare
disease community.
PANTHERx was recently awarded Specialty Pharmacy of the Year by
the National Association of Specialty Pharmacy (NASP) and earned
the inaugural Accredited Distinction in Rare Diseases and Orphan
Drugs from the Accreditation Commission for Health Care (ACHC).
PANTHERx is now a five-time winner of the prestigious MMIT Patient
Choice Award, including the 2022 honor. PANTHERx is headquartered
in Pittsburgh, Pennsylvania,
licensed in all 50 states, and holds accreditations from URAC,
NABP, and ACHC.
About General Atlantic
General Atlantic is a leading
global growth equity firm with more than four decades of experience
providing capital and strategic support for over 445 growth
companies throughout its history. Established in 1980 to partner
with visionary entrepreneurs and deliver lasting impact, the firm
combines a collaborative global approach, sector specific
expertise, a long-term investment horizon and a deep understanding
of growth drivers to partner with great entrepreneurs and
management teams to scale innovative businesses around the world.
General Atlantic currently has over $84
billion in assets under management inclusive of all products
as of December 31, 2021, and more
than 215 investment professionals based in New York, Amsterdam, Beijing, Hong
Kong, Jakarta, London, Mexico
City, Mumbai, Munich, Palo
Alto, São Paulo, Shanghai,
Singapore, and Stamford. For more information on General
Atlantic, please visit: www.generalatlantic.com.
About Nautic Partners
Nautic is a middle-market
private equity firm that focuses on three industries: healthcare,
industrials, and services. Nautic has completed over 150 platform
transactions throughout its 35-plus year history. Nautic's strategy
is to partner with management teams to accelerate the growth
trajectory of its portfolio companies via add-on acquisitions,
targeted operating initiatives, and increased management team
depth. For more information, please visit www.nautic.com.
About The Vistria Group
The Vistria Group is
a Chicago-based next generation private investment firm that
operates at the intersection of purpose and profit. The Vistria
Group partners with middle-market businesses in Healthcare,
Education and Financial Services that are passionate about growth
and committed to the community. Its decision to invest in these
areas is driven by its belief in companies producing scalable
social value. The Vistria Group's team is comprised of highly
experienced operating partners and investment professionals with
proven track records of working with management teams in building
innovative, market-leading companies. For more information, please
visit Vistria.com.
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SOURCE The Vistria Group